Buhari Returns with $6 Billion Investment From China secured

President Muhammadu Buhari jetted back into the country in the early hours of this morning after spending six days in China to strengthen bilateral and economic relations between the two countries.

President-Muhammadu-Buhari-met-with-Chinese-President-Xi-Jinping-on-Friday-during-the-Forum-on-China-Africa-Cooperation-FOCAC-e1449321031207

President Buhari and Chinese PresidentXi Jinping

 

President Buhari was received at the airport by the Chief of Staff to the President, Mr Abba Kyari and the Inspector General of Police, Mr Solomon Arase.

Despite criticisms for his frequent overseas trip, President Buhari said his one week trip to China had yielded over $6bn additional investments to Nigeria.

A statement by the Senior Special Adviser on Media and Publicity, Mr Garba Shehu said 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”.

He added that “about 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum” which took place as part activities marking the President’s trip.

President Buhari believes that the several agreements concluded with the Chinese during the visit would have a huge and positive impact on key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation.

 

The Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu disclosed the President’s views in a statement on Friday.

 

“In the power sector, North South Power Company Limited and Sinohydro Corporation Limited signed an agreement valued at 478,657,941.28 dollars 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 dollars for the construction and equipping of granite mining plant in Nigeria.

 

“A total of one billion dollars 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 dollars deal to develop an ultramodern 27-storey high rise complex and a 2.5 billion dollars agreement for the development of the Lagos Metro Rail Transit Red Line project,” the statement read.

 

Other agreements announced and signed during the visit include one billion dollars for the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.

 

The Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at 200 million dollars for the construction of two 500MT/day float gas facilities.

 

“An agreement valued at 363 million dollars 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 dollars project for the provision of television broadcast equipment and a 25 million dollars facility for production of pre-paid smart meters between Mojec International Limited and Microstar Company Limited,” the statement read.

 

 

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