Some Chinese firms have moved to inject $6 billion into Africa’s largest economy – Nigeria.
This is coming after President Xi Jinping pledged his government’s commitment to funding more projects in Nigeria barely 24 hours earlier.
Three of the companies signed Memoranda of Understanding (MoU) with Nigeria to invest $2 billion in vehicle and technology.
Others presented letters of intent to embark on $4 billion projects in the country to boost the economy.
The pacts and pledges took place on the sidelines of the ongoing 3rd Belt And Road Initiative (BRI), in Beijing, China.
Vice President Kashim Shettima, representing President Bola Ahmed Tinubu, led the Federal Government team that comprised some ministers and other top government functionaries.
Shettima’s spokesman, Stanley Nkwocha, in a statement on Thursday also revealed that Nigeria’s Ministry of Works signed an MoU with China Harbour Engineering Company Ltd for the construction of the Lekki Blue Seaport contract at the Lekki Free Trade Zone in Lagos.
Nkwocha said that the National Agency for Science and Engineering Infrastructure (NASENI) signed the pacts with the three Chinese firms – Shangai Launch Automotive Technical Company Limited, China Great Wall Industry Corporation and Newway Power Technology Limited.
Shanghai Launch is to establish a new energy automobile facility in Nigeria “for the production of new energy electric vehicles” while China Great Wall will be into “turnkey delivery of Unmanned Aerial Vehicles (UAV) assembly line projects.”
Newway will be involved in “the transfer of technology on Lithium batteries, electric vehicles and allied technologies.”
The Chinese firms that presented Letters of Intent to pull together $4 billion in investments include TBEA (solar products); DongFeng Vehicles Co. (vehicle design and production) and HiLong Energy (CNG, LNG, methanol)
Others are Space Star Technology (drone technology transfer); ENRIC (clean energy utilisation technology); Hidier Group (development of new industrial park), China State Construction Company (building technology and materials); CIMC (natural gas infrastructure delivery); Value Platform International Services Ltd (vocational training) and Acadia Technologies (Shenzhen) Co. Ltd. (smart grids and microgrids).
Another segment of the event was a meeting the Vice President had with many communications, tech, railway, power and construction giants based in China.
The companies are China National Electric Engineering Co. Ltd, China Civil Engineering Construction Corporation (CCECC), China Electronics Technology Group Corporation (CETC), China Railway Construction Corporation ( CRCC), China Communications Construction Co. Ltd (CCCC), HUAWEI Technologies, Senteng International Company Nigeria Limited, China National Electric Engineering Co. Ltd and Zhejiang Dahua Technology Co. Ltd.
Soon after the ceremonies, Shettima commended all stakeholders, saying that Nigeria has never been this ripe and ready for businesses to thrive.
He said with the “meticulous efforts” by the President Bola Ahmed Tinubu administration to ensure a level playing field for all investors, the coast was now clear for deepened economic and trade collaborations.
NASENI’s Executive Vice Chairman Khalil Halilu, said the manifestation of the agreements was a fulfillment of the agency’s commitments to boosting the Foreign Direct Investment drive of the Tinubu administration.
“This is a very important day for us at the National Agency for Science and Engineering Infrastructure because it is a day to show the results of some of the work that we have been doing in the last six weeks since I assumed the leadership of NASENI,” Halilu stated.
During the signing of the MoU on the construction of the Deep Blue Sea Port at the Lekki Free Trade Zone, Minister of Works, Dave Umahi, said the massive project was another indication that Nigeria still remained an industrial haven for many investors.China’s President Jinping at a meeting with Shettima on Wednesday, pledged that apart from refinancing two main rail projects, his country would invest in Nigeria’s power sector and digital economy.
