15 April 2016
A number of agreements and investments have been signed following President Buhari’s work visit to China which began early this week.
According to a press release signed by Garba Shehu, the Senior Special Adviser to the President on media and Publicity, “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 release states that additional investments in Nigeria have exceeded $6 billion and notes that “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.”
Some of the agreements cover 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”.
An agreement reached by the Infrastructure Bank and Sinohydro Corporation Limited involves a total of $1 billion USD to be invested in the development of a greenfield expressway for Abuja-Ibadan-Lagos, as well as 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.”
Yet to be concluded agreements 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.”