Buhari’s China Visit Yields Billions In Investment For Nigeria – Presidency

President Muhammadu Buhari has expressed satisfaction with the outcome of his working visit to China, which has yielded additional investments in Nigeria exceeding six billion dollars.

President Buhari believes that the several agreements concluded with the Chinese during the visit would have a huge and positive impact on key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation.

The Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu disclosed the President’s views in a statement on Friday.

“In the power sector, North South Power Company Limited and Sinohydro Corporation Limited signed an agreement valued at 478,657,941.28 dollars 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 dollars for the construction and equipping of granite mining plant in Nigeria.

“A total of one billion dollars 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 dollars deal to develop an ultramodern 27-storey high rise complex and a 2.5 billion dollars agreement for the development of the Lagos Metro Rail Transit Red Line project,” the statement read.

Other agreements announced and signed during the visit include one billion dollars for the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.

The Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at 200 million dollars for the construction of two 500MT/day float gas facilities.

“An agreement valued at 363 million dollars 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 dollars project for the provision of television broadcast equipment and a 25 million dollars facility for production of pre-paid smart meters between Mojec International Limited and Microstar Company Limited,” the statement read.

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.