China’s Xi Jinping Commits To More Investments In Nigeria

Cat:

Related stories

The Oil Price Shock No One Saw Coming

The U.S. bombing of Iran’s nuclear facilities has...

Trump Signals Strategic Shift: China Can Buy Iranian Oil

President Trump dropped a geopolitical bombshell: in a post...

Court Fixes October 7 For Arraignment Of MultiChoice CEO, Others Over Alleged Investigation Obstruction

By Kolawole Ojebisi The Federal Competition and Consumer Protection Commission...

INEC Speaks On Why Atiku, El-Rufai, Others’ Proposed Party, ADA, Hasn’t Been Registered

By Kolawole Ojebisi The Independent National Electoral Commission, (INEC), has...

PDP National Secretary: NEC Boss, Yakubu, Asks PDP to Clear Air on Anyanwu, Ude-Okoye’s Status

By Kolawole Ojebisi The chairman of the Independent National Electoral...

By Agency Report

China’s President Xi Jinping pledged on Thursday for his country to increase investments in Nigeria’s power generation sector and its digital economy, the Nigerian vice president’s office said in the wake of a Belt And Road Initiative forum in Beijing.

Nigeria’s National Agency for Science and Engineering Infrastructure (NASENI) and three Chinese partners signed contracts for new projects valued at $2 billion, Vice President Kashim Shettima’s office said.

It added that another $4 billion worth of letters of intent was received for new projects and investments in different sectors of the economy.

Nigeria is seeking to attract investments to boost sluggish growth in Africa’s biggest economy, which is saddled with mounting debt, high inflation and unemployment.

The agreements signed include vehicle assembly projects, solar products, vehicle design and production, drone technology transfer, clean energy utilisation and the development of an industrial park.

Nigeria also signed contracts with China Harbour Engineering Company for the construction of the Lekki Blue Seaport in Lagos.

Shettima met Xi, who asked for the protection of Chinese workers in Nigeria, according to the vice president’s office.

China had committed to rail projects in Nigeria in the past and to a seaport in Bonny Island in the Niger Delta. But the projects are still waiting for loan disbursements after securing approvals from China Exim Bank and Nigeria’s parliament.

At the Belt And Road Initiative Forum, China also committed to refinancing the completion of two rail projects that stalled due to a cut in China’s funding commitments. China had earlier agreed to provide 85% of the financing for the rail projects.

Reporting by Felix Onuah; Writing by Chijioke Ohuocha; Editing by Jamie Freed

NB: culled from Reuters

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
The Oil Price Shock No One Saw ComingTrump Signals Strategic Shift: China Can Buy Iranian OilCourt Fixes October 7 For Arraignment Of MultiChoice CEO, Others Over Alleged Investigation ObstructionINEC Speaks On Why Atiku, El-Rufai, Others' Proposed Party, ADA, Hasn't Been RegisteredPDP National Secretary: NEC Boss, Yakubu, Asks PDP to Clear Air on Anyanwu, Ude-Okoye's StatusAlex Zingman: Atiku Faults Tinubu Again, Demands Clarity On 'Chicago Classmate'Abuja: US Warns Citizens To Avoid Military, Govt. Facilities Amid Iran-Israel ConflictNo Cause For Alarm, Abuja Safe Says FG Despite US Travel Advisory2027: Why Atiku, Amaechi, El-Rufai, Others Coalition May Fail ---Baba-AhmedFAAN Bans Cash Transactions, Mulls Tarrif HikeBirabi Drops A Bombshell, Says Saro-Wiwa, Others Not Martyrs But MurderersForeigners married to Vietnamese can gain citizenship without living in VietnamDrama As SDP Suspends Nat'l Chairman, 2 Others Over Financial Misconduct $7.2 Billion Refinery Deal: Insiders Want Mele Kyari Nabbed As EFCC Arrest ex-NNPCL Chiefs Nigeria's Democracy Risks Collapse If Tinubu Fails To Halt Worsening Insecurity -- Senator Ojudu Warns
X whatsapp