China plans $40b investment in Nigeria
China’ foreign Affairs minister Wang Yi and President Muhammadu Buhari PHOTO: NAN
China is investing additional $40 billion in Nigerian economy, its Foreign Affairs Minister, Mr Wang Yi, said on Wednesday at a bilateral meeting with his Nigerian counterpart, Mr Geoffrey Onyeama, in Abuja.
The Minister said China has already invested up to the tune of $45 billion in the Nigerian economy.
“Nigeria and China are strategic partners; our relations have been developing well. China has already invested or financed a total number of $22billion projects here in Nigeria, another $23billion projects are on-going.
“In addition, we are also following up another over $40billion of investments which is in the pipeline.
“Compare with the size, population and market of our two countries, our cooperation still have large potential to be deepened,” he said.
According to him, in order to achieve further development and prosperity of the two countries, we need to strengthen our political mutual trust, deep complementary between our developments.
He stressed on the need to further expand practical cooperation and deepen strategic partnership between the two countries.
He expressed confidence that his visit would be a successful one and play a dual role in further strengthening the strategic partnership between China and Nigeria.
Yi said the purpose of his visit to Nigeria was to implement the important agreements and cooperation reached between the Chinese and Nigerian presidents.
He said the visit was also to help work closely with Nigeria to ensure that the outcome of the Forum for China Africa Cooperation summit are well implemented here in Nigeria.
Onyeama had earlier commended the existing relationship between Nigeria and China noting that the relationship had been strong for many years.
“I think the level of cooperation with China is extremely high and Chinese government is investing amount of money in Nigeria and probably is going up to $60 to $80 billion and we are extremely happy for that
He said that at the last meeting in South Africa and the government of China made available the total of $60 billon for Africa and a number of countries including Nigeria.
The Minister said that he would want to key in and see how much of that could be used to assist in the various projects that we have in this country.
He explained that President Muhammadu Buhari was in China in 2016 and had a discussion with Chinese Government on various cooperation.
“We know that in the area of infrastructure which is one of the priority areas and diversification the Programme of this government from oil .
“Chinese government has been showing a lot of cooperation with us in this area especially in the area of transportation,” he said
Minister of Transport, Mr Rotimi Amaechi was part of the meeting.
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9 Comments
Hello Guardian, please could your supply us the exact details of this agreement through a follow up article? Or alternatively direct us to where it may be accessed? Thanks
Thank you for the only intelligent post so far on such an important story
All the China investment still has no impact in the life of Nigerian because our leaders closed their eyes and Chiniese bring their people to do the job. This kind of thing should not be reported on newspapers.
China is prepared to invest in Nigeria. We all want others come to Nigeria to invest and grow our economy. In that way, even if at first they give opportunities to Chinese nationals, our natives will eventually benefit from the trickle down effect of the resulting economic growth. So, don’t’ knock foreign investment such as these. You think of the like Ibori who stole from our people and you will gratefully welcome any Chinese investment in our economy.
Cna you hear yourselve Bro? Every investment from abroad should and must have impact on our people.
All registered businesses and their employees are liable to due tax, a federal revenue that can directly or indirectly through service provisions, benefit the natives and their guests including Chinese. Have confidence in our emerging due process courtesy of Buhari et al. We all have vested interest in the success of all investments in our economy – indigenous or foreign. What concerns me intensely is the thought of any Nigerian investing abroad and robbing our nation to boot. . I have spent a life time in the last 40 yrs repatriating resources from the UK to our beloved Urhobo for the benefit of my siblings and will continue to do so for as long as I remain professionally relevant. Please encourage us to continue to help build our economy in any small ways.
Foolish. If the natives are not seeing anything from all this money, that is shameful. That is neo colonialism…PERIOD. Africa should be for Africans!
All registered businesses and their employees are liable to due tax, a federal revenue that can directly or indirectly through service provisions, benefit the natives and their guests including Chinese. Have confidence in our emerging due process courtesy of Buhari et al.
Are you serious? China has invested $45bn in Nigerias economy and yet nothing to show for it?. Can somebody just point out which area of our economy that $45bn is invested in? Are we going to open our eyes and allow China to swindle us through our fantastically corrupt people? EFCC please look into this bogus investment claim NOW !!!!!!
We will review and take appropriate action.