President Muhammadu Buhari has expressed satisfaction with the outcome of his working visit to China, which has yielded additional investments in Nigeria exceeding $6 billion.
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.
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.
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 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 $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 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. Click to signup for FREE news updates, latest information and hottest gists everyday
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Will the low and middle income earners benefit from ur housing scheme? Or will it be like the ones fashola built in Lagos... for d high n mighty...
ReplyDeleteFayose thank you for keeping the Fulani drunkard on his toes
ReplyDeletePls, do not abuse our President It is not fair.You should not disrespect him cos he is your President and Iam sure your elder too. If he likes let him take Solution, monkey tail, marijuana, or codeine solution. All I want is let him deliver on his promises. O to!
DeleteOh common, didn't we all abuse OBJ and GEJ. Abeg allow us yap him if he is not doing well o. This is not Burundi you hia?
DeleteLet's see how it will put food on our table, created job or stop people from losing jobs, enhance fuel supply etc. I don't believe in APC talk any longer.
ReplyDeleteNice job, I pray it works out n Nigerians can enjoy better dividends of democracy.
ReplyDeleteMore importantly, to crash d US dollars.
It is the end that will justify the means...Well,as events are unfolding...
ReplyDeleteGood people of Nigeria, God is able and willing to go extra mile with us as a Nation. Let us trust him for who he is and what he is able to accomplish within this short period of time.
ReplyDeleteStory story story..... Children it is story time ....Aunty what is today's story?,,,,Children, One day, the tortoise called all the animals in the animal kingdom.....
ReplyDeleteWay to go Mr President, may d Almighty grant u what it takes to bring those projects to fruition for the benefit of all Nigerians #Ibelieveindnigerianproject...#egobetter.
ReplyDeleteMay god bless you my brother for this nice comment.Nigerians should learn to be positive for once.
ReplyDeleteFayose, trying to tell the world that he can talk,
ReplyDeleteOga focus on the subject matter...leave fayose alone..
DeleteThank you Mr President. They can call you fulani or whatever but we recognise it when we see a step in the right direction such as this. For the propagandish fayose, his days are numbered; he will account for the ekiti gate saga and other gates
ReplyDeleteI have gone through the expected gains to be gleaned from PMB's Chinese visit. I did not see any project that is targeted or to be domiciled in the south eastern and south southern Nigeria. Does it mean that no agreement or project can be done there or are we in for 95: 5 percent agenda. God is watching
ReplyDeleteHe did not become president to help that part of Nigeria. That part of Nigeria is to only feed nigeria and just little enough to keep them quiet.
DeleteOn the China-Nigeria Yuan deal, Adétòmíwá Adétòmíwà Writes
ReplyDeleteLol! See my people, see jubilation over China-Nigeria deal. Nigerians are jubilating over $2b loan from China and the so called Yuan trading deal. It is not unusual for people to jubilate over food that will hurt their stomach, but it is unfortunate to see medical doctors celebrating agbo jedi.
China want to borrow us 2 billion dollars, but they want to give us in Yuan and not the dollar itself.
They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others(non Chinese company can't bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don't have a choice 'cos it is on credit.
The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency(Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.
Many Nigerians don't know that even Chinese company don't want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.
Also, China have more lobbyists in Washington DC than any other nations on earth, begging Washington politicians to always make policy in their favour, how can such country save us from USD?
Has anyone asked why China hasn't built any refinery in Nigeria?? They have the money, they want the profit, but never did it.
If China does anything against Washington interest in Nigeria, USA have too much political power over China, they will just tell them not to do it. China will continue to inflate the contract price, refuse to complete the project and deceive us further.
I don't blame Chinese leaders for trying to scam us, I blame our leaders for not being smart enough. What do you expect when you have political hacks negotiating on behalf of Nigeria against smart professionals from China.
I was thinking Nigeria political leaders will do research about Chinese lobbyists in Washington and understand the interest they are protecting before believing in Chinese version of Trojan horse.
We are the only one that can help ourselves, let's implement true federalism system and free market. Development is a culture and not a product, we can't buy it no matter how much money we have or borrow
My Brother you have spoken well and analysed the situation properly.
DeleteThe physical manifestation of all that they claimed they got from the Chinese is all I am looking forward to seeing. Nigerians have suffered for too long in the hands our leaders.
ReplyDeleteAdetomowa...this is pessimism at its best. America is still the biggest trading partner of China...with even a negative trade balance with them. If US will not ignore China why should we? You must understand that every country does business with others to achieve certain goals, profit being one of them. Do you expect China to invest $6B in Nigeria for free? Does America or UK do that? The truth is , it is not which country we do business with that matters , rather it is our ability to maximize the gains of such investments, remove both stealing and curruption from the process and see the commitments through , no matter which person or party is in power. That way ... The impacts get to mean on the street eventually.
ReplyDeleteThe world have become so small a place that Nigeria cannot afford to pick and choose and refuse offers from countries willing to do business with us .
I give you an example, in the past 5 years if Not for China , India etc, what would Have happened to Nigeria oil when America Refused to buy? Our economy would have
Been far worse than this. Let's get smart and be less partisan in looking at complex economic issues so we don't mislead the public Pls.
All you wailing wailers. I hope you will find something to wail about by December. Becos by then all these things you are shouting about will be no more o.
ReplyDelete