Nigeria, Africa Partnership With China Yields $5b Investment

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President Mohammadu Buhari while in China on the forum on China-Africa Cooperation says that FOCAC has yielded over $5b investments into Nigeria’s growing economy.

The declaration was made when the president visited Beijing to discuss on bilateral agreement with China whose economy is growing rapidly amid Africa’s participation in various investments. According to presidential Spokesman Malam Garba Shehu, Nigeria has addressed significant challenges in infrastructure, human capacity development, power, transportation, agriculture and humanitarian areas which the country needed at this time.

He said that the platform has created the first urban rail system in West Africa, this project which gulped a sum of $500m was commissioned in Abuja in July 2018. The technology used in the rail system was purely Chinese modern inventions. The rail according to President Buhari was commissioned two years ago which connects Abuja to Kaduna, and is functioning effectively

There are other investments China is undertaking with Nigeria, such as upgrading of airport terminals, Lagos-Kano rail-line, Zungeru hydroelectric power projects and the fibre cables for internet development. Malam Shehu reiterated the commitment has granted boost for Nigeria and other African countries to trade with china in the quest to influencing infrastructural and economic development.

Shehu said Buhari dispelled insinuations about the debts repayments by Nigeria as there are no hidden agendas on the economic recovery and growth plan on the debt incurred, adding that our country is with policy of fiscal prudence and sound house-keeping, the president asserted.

President Buhari applauded China for her overall commitment to the ideals of FOCAC, praising China that since the launch of the forum in 2000 China and Africa had strived on implementing the declarations and follow-up action plans for the benefit of both parties in the mutual accord. Buhari finally commended Jinping, his government and the people for successfully hosting the Beijing summit which was aimed at further strengthening China-Africa in business partnership which had developed Africa in granting standard infrastructure to her people.

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