Following a Belt and Road Initiative summit in Beijing, President Xi Jinping of China promised on Thursday that his nation will raise investments in Nigeria’s power generation industry and digital economy. This announcement came from the office of the vice president of Nigeria.
According to the vice president’s office, three Chinese partners and Nigeria’s National Agency for Science and Engineering Infrastructure (NASENI) have signed contracts for new projects totaling $2 billion.
It further mentioned that letters of intent totaling another $4 billion for new ventures and investments in various economic areas had been received.
Nigeria, the largest economy in Africa, is struggling with slow development due to increasing debt, high inflation, and high unemployment. Nigeria is looking to attract investments to help the economy.
Vehicle assembly projects, solar products, vehicle design and production, drone technology transfer, sustainable energy use, and the creation of an industrial park are among the agreements that were signed.
The development of the Lekki Blue Seaport in Lagos was another project for which Nigeria secured contracts with the China Harbour Engineering Company.According to the vice president’s office, Xi requested the security of Chinese workers in Nigeria when he met with Shettima.
China had previously committed to Nigerian rail projects and a seaport in the Niger Delta’s Bonny Island. However, despite receiving permission from the Nigerian government and the China Exim Bank, the projects are still waiting for bank disbursements.
China also pledged at the Belt and Road Initiative Forum to refinance the conclusion of two rail projects that were put on hold because of a reduction in funding pledges from China. China had previously committed to financing 85% of the rail projects.
