12 January 2017
China has revealed plans to invest up to $40bn in Nigeria following the country’s promise to severe all diplomatic relations with Taiwan and shut down Taiwan’s office in the capital, Abuja.
This was made known on Wednesday when China’s Foreign Minister, Wang Yi held a meeting with President Muhammadu Buhari in Abuja.
The investment plan was described as an effort to deepen relations between the two countries, and comes at a time of heightened sensitivity over the Taiwan issue after US President-Elect Donald Trump appeared to challenge Beijing’s “One China” policy in December.
Wang Yi said China had already invested about $45bn in various infrastructure projects in Nigeria and is on the verge of releasing another $40bn.