China to sponsor USD40 billion projects in Nigeria

China to sponsor USD40 billion projects in Nigeria

The visit of President Mohammadu Buhari to China in 2016 is producing results already as the Chinese government has planned to invest a total of USD40 billion in Nigeria’s economy to further boost it and bring it out of recession by sponsoring and executing projects worth that amount.

Their major focus will be on infrastructure in order to help Nigeria diversify from oil.

China Foreign Affairs Minister, Mr Wang Yi said the country is investing additional USD40 billion in Nigeria economy at a bilateral meeting with his Nigerian counterpart, Mr Geoffrey Onyeama, in Abuja. China had already invested up to the tune of USD45 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 USD22billion projects here in Nigeria, another USD23billion projects are on-going.In addition, we are also following up another over USD40billion 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.

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.

MR. Onyeama had earlier applause 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 USD60 to USD80 billion and we are extremely happy for that

“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

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