FG urges China to intensify support for $5bn Mambilla Power Project
The Nigerian Investment Promotion Commission (NIPC), has called on the Chinese Government to intensify its support for Nigeria’s infrastructural development, especially with the Belt and Road Initiative (BRI), and the N2.1 trillion ($5.792 billion) 3,050 megawatts (MW) Mambilla hydropower project.
Chairman, Governing Council of NIPC, Babangida Nguroje, made the appeal, Tuesday, at the 50th anniversary to mark the diplomatic relationship between Nigeria and China organised by the Centre for China Studies and the Chinese Embassy in Abuja.
Nguroje noted that such support was necessary due to the strategic importance and critical role the project would play in stimulating Nigeria’s economy.
The financing arrangement for the $5.8 billion projects indicates that while China’s Export-Import Bank will provide 85 per cent of the resources, the Federal Government will cater for 15 per cent of the joint project.
Nguroje described China as a big brother to Nigeria, particularly in the area of driving the country’s economic and industrial revolution.
He said: “For a shared future to complement efforts and drive inclusiveness, it is pertinent that China ignites its big brother role in Nigeria and drives the economic and industrial revolution needed for the largest black nation. Nigeria needs China to bring on board beneficial and impactful investments that will support the women and the large numbers of youths in Nigeria. Because any nation that invests in women and youth will turn around the fortune of the country and further improve the lives of its community.”
While commenting on the huge gap in trade volume between both countries, Nguroje stressed the need for Nigeria to maximise the potential of the African Continental Free Trade Area (AfCFTA) agreement in bridging the gap between the two countries.
Director, Centre for China Studies, Charles Onunaiju, said sharing of experience in policies between both countries would boost the Nigerian Government’s effort on poverty alleviation.
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.