President Buhari’s Trip To China Yields $6bn Investment

President Muhammadu Buhari yesterday expressed satisfaction with the outcome of his working visit to China, which, he said, has yielded additional investments in Nigeria exceeding $6 billion USD.

According to a statement by his senior special Assistant, Media, Garba Shehu, President 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, including power, solid minerals, agriculture, housing and rail transportation.

Buhari noted that 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 Mega Watts solar power in Shiriro, Niger State.

Hinting about the president’s mindset, Shehu said, “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. A total of $1 billion USD 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 $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 include a $1 billion for the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.

“Furthermore, the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at $200million for the construction of two 500MT/day float gas facilities.

“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 presidency said 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.

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.

Economy Diversification Long Overdue- President

Similarly, President Muhammadu Buhari in far away Guangzhou, China, said that his administration will take urgent steps to restructure Nigeria’s economy by encouraging new investments in mining, agriculture and manufacturing.

Speaking at a reception in his honour by the Communist Party of China, President Buhari said that Nigeria will welcome the support of the Chinese government, foreign investors and local businesses for efforts to diversify the nation’s economy.

The President, in a statement by his senior special Assistant, Garba Shehu, noted that the diversification of the Nigerian economy was long overdue as continued reliance on crude oil exports had always made the economy vulnerable to shocks.

‘‘This time we will be more deliberate. The government and businesses will be involved,” President Buhari said.

In his remarks, the Secretary of the Communist Party, who is also the Governor of the Guangdong Province, Mr. Hu Chinhua, pledged that the region will support the implementation of all the bilateral agreements reached with the Chinese government during President Buhari’s visit.

President Buhari also visited the Sino-Singapore Knowledge City in Guangzhou, which showca

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