Buhari’s Visit To China Yields Billions In Investment For Nigeria – Presidency


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Press statement from the Presidency

President Buhari has expressed satisfaction
with the outcome of his working visit to
China, which has yielded additional
investments in Nigeria exceeding $6 billion
USD. President Buhari believes that the
several agreements concluded with the Chinese during the visit will have a huge
and positive impact on key sectors of the
Nigerian economy including power, solid
minerals, agriculture, housing and rail
transportation.

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

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

Other agreements announced and signed during
the visit include a $1 billion for the establishment
of a Hi-tech industrial park in Ogun-Guangdong
Free Trade Zone in Igbesa, Ogun State.
Furthermore, the Ogun-Guangdong Free Trade
Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at $200million for the
construction of two 500MT/day float gas facilities.
An agreement valued at $363 million 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 $500 million project for the provision of
television broadcast equipment and a $25 million
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.

Garba Shehu SSA to the President (Media &
Publicity)

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