Source: BusinessDay Nigeria

The Chinese government has promised a strong strategic partnership with Nigeria which would in the next few years see it support funding for key infrastructure projects at concessionary rates, provide needed technology in the process and even bring their companies to set up factories in the country.

These are major outcomes of the Federal Government’s 18-member delegation of some state governors, key ministers as well as lawmakers to China last week on an infrastructure/investment road show. Led by Ngozi Okonjo-Iweala, minister of Finance and coordinating minister for the Economy, the delegation were in China to shop for about $3 to $3.5 billion to finance infrastructure development in key sectors of the economy, including rails and roads, agriculture, aviation, power. The visit was also to explore strategic relationships that could help pull Chinese firms to set up manufacturing plants in Nigeria, a country which consumes a larger chunk of their products.

Excited about the outcome of the visit, Okonjo-Iweala said with negotiations and agreements reached, Nigeria would, in the next few years see massive presence of China in Nigeria both in funding and construction of key infrastructural projects as well as the manufacturing sector. “We had a very good trip, we are taking back to Nigeria two things, support for strategic relationship between Nigeria and China from the top level of Chinese policy making.

“Second, is a special support in terms of about $3 to $3.5 billion that will materialise over the next two years for us to support projects in aviation, building new terminals, in light rail transport, agriculture, roads, this is focused on infrastructure and agriculture areas where Nigerians want us to make progress. “We will also see some openings up, the possibility of Chinese companies coming to set up factories in Nigeria and Nigerians manufacturing in China bring their work back home so that we can create jobs. Click the link to read more on BusinessDay Nigeria.

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