Garba Shehu

Buhari’s visit to China yields over $6bn investments

President Muhammadu Buhari’s five-day working visit to China has yielded additional investments in Nigeria exceeding $6 billion.

 

Senior Special Assistant to the president on Media and Publicity, Malam Garba Shehu, said in a statement yesterday that Buhari expressed satisfaction with the outcome of his visit to China.

He said the president believed that the several agreements concluded with the Chinese during the visit would have a huge and positive impact on key sectors Nigeria’s economy like power, solid minerals, agriculture, housing and rail transportation.

“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 300 megawatts solar power in Shiriro, Niger State,” the presidential spokesman stated.
He said in the solid minerals sector, Granite and Marble Nigeria Ltd and Shanghai Shibang signed an agreement valued at $55 million for the construction and equipping of granite mining plant in Nigeria.
About $1 billion will 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, Shehu said.
“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,” he stated.
“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 Ltd also signed an agreement valued at $200 million 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.
“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 Ltd,” the presidential aide said
He added that 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.

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