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My China trip was successful – Buhari lists benefits

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President Muhammadu Buhari has revealed that his trip to China yielded about $6 billion investment for Nigeria.

The Punch reports that this was contained in a statement released by Garba Shehu who is the senior special assistant to the president on media and publicity on Friday, April 15.

In the statement, Buhari said the one-week trip to China would have a positively huge impact on key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation.

He said:

“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 Shiroro, Niger State.

“In the solid minerals sector, Granite and Marble Nigeria Limited and Shanghai Shibang signed an agreement valued at $55m for the construction and equipping of granite mining plant in Nigeria.

“A total of $1bn 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 $250m deal to develop an ultra modern 27-storey high rise complex and a $2.5bn agreement for the development of the Lagos Metro Rail Transit Red Line project.”

According to Shehu, other agreements announced and signed during the visit included the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa and valued at $200m for the construction of two 500MT/day float gas facilities.

“An agreement valued at $363m 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 $500m project for the provision of television broadcast equipment and a $25m 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.”

It was reported that Governor Ayodele Fayose wrote to the Chinese government, seeking the stoppage of the $2 billion loan being sought by the federal government of Nigeria.

Fayose, in the letter said
the government of China should be mindful of the fact that Nigerians, irrespective of their political and religious affiliations are totally opposed to increment of the country’s debt burden, which is already being serviced with 25 per cent of the Federal Government annual budget.”
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