Buhari's Visit To China Yields Billions In Investments For Nigeria
President Muhammadu Buhari has expressed satisfaction with the outcome of
his working visit to China, which has yielded additional investments in
Nigeria exceeding $6 billion USD.
President Buhari believes that the several agreements concluded with the
Chinese during the visit will have a huge and positive impact on key
sectors of the Nigerian economy including power, solid minerals,
agriculture, housing and rail transportation.
In the power sector, North South Power Company Limited and Sinohydro
Corporation Limited signed an agreement valued at $478,657,941.28 for the
construction of 300 Mega Watts solar power in Shiriro, Niger State.
In the solid minerals sector, Granite and Marble Nigeria Limited and
Shanghai Shibang signed an agreement valued at $55 million for the
construction and equipping of granite mining plant in Nigeria.
A total of $1 billion USD is to be invested in the development of a
greenfield expressway for Abuja-Ibadan-Lagos under an agreement reached by
the Infrastructure Bank and Sinohydro Corporation Limited.
For the housing sector, both companies also sealed a $250 million deal
to develop an ultra modern 27-storey high rise complex and a $2.5 billion
agreement for the development of the Lagos Metro Rail Transit Red Line
Other agreements announced and signed during the visit include a $1
billion for the establishment of a Hi-tech industrial park in
Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.
Furthermore, the Ogun-Guangdong Free Trade Zone and CNG (Nigeria)
Investment Limited also signed an agreement valued at $200million for the
construction of two 500MT/day float gas facilities.
An agreement valued at $363 million for the establishment of a
comprehensive farm and downstream industrial park in Kogi state was also
announced at the Nigeria-China business forum.
Other agreements undergoing negotiations include a $500 million project
for the provision of television broadcast equipment and a $25 million
facility for production of pre-paid smart meters between Mojec
International Limited and Microstar Company Limited.
About 100 Nigerian businesses and 300 Chinese firms participated in the
Nigeria-China business forum which took place a day after President Buhari
began his visit to China.
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