Nigeria and China: Chinese Investment to go up by $40bNigeria and China: Chinese Investment to go up by $40b

Nigeria and China: Chinese Investment to go up by $40b

Mr Wang Yi, the Chinese Foreign Affairs Minister stated recently that China will invest extra $40 billion in Nigeria. This decision was based on the growing relations between Nigeria and China.

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China Will Invest extra $40b in Nigeria

Mr Wang Yi, the Chinese Foreign Affairs Minister stated recently that China will invest extra $40 billion in Nigeria. This decision was based on the growing relations between Nigeria and China.

 

He said this in a bilateral meeting with Mr Geoffrey Onyeama,his Nigerian counterpart in Abuja.

He also said that China has about of $45 billion invested in the Nigerian economy already and plans to invest more.

“Nigeria and China are strategic partners; our relations have been developing well; China has already invested or financed a total number of 22 billion-dollar projects here in Nigeria, another $23billion projects are on-going.

“In addition, we are also following up another over 40 billion dollars of investments, which is in the pipeline.

“Compare to the size, population and markets of our two countries, our co-operation still have large potential to be deepened,” he said.

Last year Nigeria-China trading was to the tune of $9.5 billion.

How Nigeria and China can Mutually Benefit

According to Yi, for Nigeria and China to achieve greater development and prosperity, the political mutual trust must be strengthened and deeply complementary as both nations seek to develop.

Yi pointed out that there was the need to further expand practical co-operation and deepen strategic partnership between the two countries.

He expressed faith that his visit would be a successful one that will play a dual role in further strengthening the strategic partnership between Nigeria and China.

 

He said the primary aims of his visit to Nigeria are to initiate important agreements and co-operation reached between the presidents of Nigeria and China and work closely with Nigeria to make sure the outcome of the Forum for China-Africa Co-operation summit is well executed in Nigeria.

 

Onyeama earlier praised the current relationship between Nigeria and China, noting that it has been strong for many years.

 

“I think the level of cooperation with China is extremely high and the Chinese government is investing huge amount of money in Nigeria.

“Probably between $60 billion to $80 billion and we are extremely happy for that.’’

He said that at the last meeting in South Africa, the government of China made $60 billion available to 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 the country already had.

 

President Muhammadu Buhari had gone to China in 2016 to discuss with Chinese government on several ways both countries can co-operate.

 

“Chinese government has been co-operating with us in this area, especially in the area of transportation,” he said.

 

Minister of Transport, Mr Rotimi Amechi also attended the meeting according to the News Agency of Nigeria (NAN)

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