President Buhari’s Visit To China: Trip Yields Investment That Exceeds $6 Billion

Buhari to china

Mallam Garba Shehu, the Senior Special Assistant on Media and Publicity, in a statement issued in Abuja on Friday communicated that President Muhammadu Buhari has expressed satisfaction with the outcome of his working visit to China which he said yielded additional investments to Nigeria exceeding six billion dollars.

The statement reads that several agreements were concluded with the Chinese government that would have a huge and positive impact on key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation.

The statement also added that, In the power sector, North South Power Company Limited and Sinohydro Corporation Limited signed an agreement valued at $478,657,941.28 million for the construction of 300 Mega Watts solar power in Shiriro, Niger State.

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Also, 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.

According to the statement, 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.

It further said that 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, according to the statement, include a one billion dollars facility for the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun.

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

It said that 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.

The statement said that 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.



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