China has announced plans to invest up to $40billion in Nigeria with the aim of deepening relations between the two countries. This declared by the Chinese Foreign Affairs Minister, Wang Yi, during a joint briefing with President Muhammadu Buhari in Abuja yesterday.
According to the Minister, this investment is in addition to other contributions China had made to Nigeria in order to support the country’s development efforts. He said China had invested about $45billion in several projects in the country and will release another $40billion.
“China has already invested or financed a total number of $22billion projects here in Nigeria, another $23billion projects are on-going. In addition, we are also following up another over $40billion of investments, which are in the pipeline,” he said.
Buhari in one of his many trips last year, visited China and the two countries signed a memorandum of understanding on projects, worth billions of dollars. The Chinese Foreign Minister said the aim of his visit to Nigeria, was to implement the important agreement and cooperation reached between the two presidents, This Day reports.
For his part, the President said his administration is very committed to infrastructural development. He promised that Nigeria would honor all arrangements signed with China.
‘‘We want rail, road, power, skill acquisition for our people. We ought to have developed beyond this point, but we neglected infrastructure when we had the resources. Now, we have to collaborate with you, and we will keep our side of the bargain in all the agreements we have signed,” Buhari said in a statement.
Anita Fatunji
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...
South Africa signs a bilateral agreement with Austria to boost technical and vocational education and training (TVET). The partnership promotes...
Bomboré gold mine increased production to 56,236 ounces in H1 2025, up from 55,663 ounces in H1 2024. Orezone generated $177...
Burkina Faso promotes AI using local languages to increase inclusion. The initiative aims to train young technicians and expand digital...
Angola launches a $300 million World Bank-funded project to tackle urban challenges. The project focuses on improving governance, housing,...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...