China to Invest Additional $40b in Nigeria

 China to Invest Additional $40b in Nigeria

Buhari-and-Wang-YiChinese Foreign Affairs Minister Wang Yi broke the news yesterday during a bilateral meeting with his Nigerian counterpart, Mr Geoffrey Onyeama, in Abuja. He said China had already invested up to $45 billion in Nigeria.
“Nigeria and China are strategic partners; our relations have been developing well, China has already invested or financed a total number of $22billion projects here in Nigeria; another $23billion projects are on-going.
“In addition, we are also following up another over $40billion of investments which is in the pipeline.
“Compare with the size, population and market of our two countries, our cooperation still has large potential to be deepened,” he said.
Yi said his visit would lead to the implementation of important agreements and cooperation reached between the Chinese and Nigerian presidents.
Onyeama praised the relationship between Nigeria and China, noting that the relationship had been strong for many years.
“I think the level of cooperation with China is extremely high and Chinese government is investing amount of money in Nigeria and probably is going up to $60 to $80 billion and we are extremely happy for that
He said at the last meeting in South Africa, the government of China made available the total of $60 billon for Africa and a number of countries including Nigeria.
The Minister said he would want to key in and see how much of that could be used to assist in the various projects.
Also yesterday, Nigeria and China signed an agreement to uphold the One China policy. The agreement was signed by the Ministers of Foreign Affairs of both countries. Both countries reaffirmed their respect for each other’s sovereignty.
Nigeria said One China policy is at the core of its strategic partnership with China, adding that the People Republic of China is the sole legal government representing the whole of China and Taiwan is an inalienable part of China territory.
Onyeama said: “Taiwan does not enjoy any diplomatic privilege because it is not a country, that is recognised and under any international law, and under the position we have taken internationally, we recognize the People Republic of China as the sole representative of its people and also they will be moving to Lagos, to the extent that they will function as trade mission with skeletal staff.”


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