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