Friday, 15 April 2016

I came back with $6b investments from China - Buhari

President Muhammadu Buhari has said that his latest foreign trip has fetched Nigeria over six billion dollars in investments from China.

According to a statement signed by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, the agreements signed with the Chinese during the visit boost key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation.

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

“In the solid minerals sector, Granite and Marble Nigeria Limited and Shanghai Shibang signed an agreement valued at $55m for the construction and equipping of a granite mining plant in Nigeria.

“A total of $1bn 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.

“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.

“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 International Limited and Microstar Company Limited.

“About 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum which took place a day after President Buhari began his visit to China,” the statement said.

Buhari returned to Abuja on Friday after a five-day official visit to China.

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