Buhari Justifies China Trip With $6 Billion Investments To Nigeria

Posted by African Examiner Featured, Latest Headlines, News Friday, April 15th, 2016

Apparently to douse debate which has trailed his regular trips outside the country, President Muhammadu Buhari has justified his one week official visit to People Republic of China.

A release from the Presidency affirmed that President Buhari was satisfied with the trip, especially for yielding additional investments exceeding $6 billion to Nigeria.

Mr. President believed that 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.

On power, the release stated that 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.

Regarding solid minerals sector, the Presidency disclosed that 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 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 project.

“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” the release said.
Furthermore, the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at $200 million for the construction of two 500MT/day float gas facilities.

In addition, the visit featured an agreement announced at the Nigeria-China business forum and valued at $363 million for the establishment of a comprehensive farm and downstream industrial park in Kogi state.

Beside, agreements undergoing negotiations the statement revealed 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.
The release said about 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum which held a day after President Buhari began his visit.