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Thursday, February 22, 2024

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China Promises To Raise Investments In Nigeria’s Digital & Power Sector

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Following a Belt and Road Initiative summit in Beijing on Thursday, the vice president’s office in Nigeria said that Chinese President Xi Jinping had promised his nation to raise investments in Nigeria’s digital economy and power generating sector.

According to Vice President Kashim Shettima’s office, three Chinese partners and Nigeria’s National Agency for Science and Engineering Infrastructure (NASENI) have inked contracts for new projects totaling $2 billion.

It further stated that letters of intent totaling an additional $4 billion had been received for new initiatives and investments in various economic areas.

Nigeria, the largest economy in Africa, is trying to draw in investments to accelerate its slow-growing economy, which is beset by high unemployment, inflation, and debt.

The agreements inked include the following topics: drone technology transfer, vehicle design and manufacture, solar goods, renewable energy utilisation, vehicle assembly projects, and industrial park development.

China Harbour Engineering Company and Nigeria also inked contracts for the building of Lagos’ Lekki Blue Seaport.

When Shettima met with Xi, the vice president’s office said that Xi requested security for Chinese labourers in Nigeria.

China has already pledged to building a seaport at Bonny Island in the Niger Delta and to rail projects in Nigeria. Nevertheless, even after receiving authorization from Nigeria’s government and China Exim Bank, the projects are still awaiting credit payments.

China also pledged during the Belt and Road Initiative Forum to refinance the completion of two rail projects that had been put on hold because China was no longer providing as much cash as it had previously. Prior until this, China had committed to funding the rail projects to the tune of 85%.

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