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China to Increase Investment in Nigeria: Vice President Office of Nigeria

Nigeria is among China’s main development partners in Africa. Chinese investment in the country exceeds $20 billion. The main areas of investment include the creation of export processing zones, oil production, and agriculture. 

Chinese President Xi Jinping assured on Thursday that his country will increase its investments in power generation and the digital economy in Nigeria, reported the African country’s Vice President office after the Belt and Road Initiative forum in Beijing.

According to the office, Nigeria’s National Agency for Science and Engineering Infrastructure (NASENI) and three Chinese partners have signed contracts for new projects worth $2 billion.

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

At the same time, letters of intent for new projects and investments in various sectors of the economy worth another $4 billion have been received, the office informed.

In addition, Nigeria has signed a contract with the China Harbor Engineering Company for the construction of the Lekki Blue Seaport in Lagos, the largest seaport of Nigeria and one of the biggest in West Africa.

In June, the presidents of the two countries held a bilateral meeting. The Nigerian President Tinubu expressed that his nation is open for cooperation and promised that his government would focus on improving conditions for doing business in the country.

Chinese companies have built multibillion-dollar projects across the African continent, including ports, railroads, highways, bridges, and hydroelectric dams, all provided by Beijing’s Belt and Road Initiative (BRI), also known as the New Silk Road.

The third high-level Belt and Road Forum was held in Beijing on October 17-18, dedicated to the tenth anniversary of the initiative of the same name proposed by Xi Jinping.

Source: Sputnik