ABUJA: Following a Belt And Road Initiative forum in Beijing, President Xi Jinping of China announced on Thursday( Oct 19 ) that his nation would increase investments in Nigeria’s power generation sector and digital economy.
According to Vice President Kashim Shettima’s office, contracts for new projects worth US$ 2 billion were signed by the National Agency for Science and Engineering Infrastructure( NASENI ) of Nigeria and three Chinese partners.
It continued by saying that additional letters of purpose totaling US$ 4 billion had been received for new initiatives and opportunities in various economic sectors.
Nigeria wants to bring investors to help the largest market in Africa, which is struggling with rising debts, high inflation, and unemployment, grow more quickly.
Vehicle gathering projects, thermal products, vehicle design and production, aircraft technology move, clean energy usage, and the creation of an industrial park are among the agreements signed.
For the development of the Lekki Blue Seaport in Lagos, Nigeria also entered into contracts with China Harbour Engineering Company.
According to the evil mayor’s office, Shettima met Xi, who requested shelter for Chinese workers in Nigeria.
China had previously pledged support for road jobs in Nigeria as well as a port on Bonny Island in the Niger Delta. However, after receiving approval from the China Exim Bank and the Nigerian legislature, the projects are still awaiting product payouts.
China also pledged to improve the execution of two rail projects at the Belt And Road Initiative Forum that had stalled because of a reduction in China’s money commitments. China had previously consented to contribute 85 % of the road projects’ financing.