Buhari’s Visit To China Yields Over $6bn Investments – Presidency

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Pres. Buhari has expressed satisfaction with the outcome of his working visit to China. According to Senior Media Aide, Garba Shehu, Buhari believes that the several agreements concluded with the Chinese during the visit will have a huge and positive impact on key sectors of the Nigerian economy.

In the power sector, North South Power Company Ltd and Sinohydro Corporation Ltd signed an agreement valued at $478,657,941.28 for the construction of 300MW solar power in Shiriro, Niger State.

In the solid minerals sector, Granite and Marble Nig Ltd and Shanghai Shibang signed an agreement valued at $55m for the construction and equipping of granite mining plant in Nigeria. A total of $1 bn 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 Ltd.

For the housing sector, both companies also sealed a $250m deal to develop an ultra modern 27-storey high rise complex and a $2.5bn agreement for the development of the Lagos Metro Rail Transit Red Line project. A $1bn deal for the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State, was also sealed.

The Ogun-Guangdong Free Trade Zone and CNG (Nig) Inv. Ltd also signed an agreement valued at $200m for the construction of two 500MT/day float gas facilities. An agreement valued at $363m for the establishment of a comprehensive farm and downstream industrial park in Kogi state was also announced at the Nigeria-China business forum.

Other agreements undergoing negotiations include a $500m project for the provision of television broadcast equipment and a $25m facility for production of pre-paid smart meters between Mojec Int. Ltd and Microstar Company Ltd. About 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum

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