Posted on: 07:58 Sat, 16 Apr 2016



Here’s a statement released from the
Presidency, read it below:

President Buhari has expressed
satisfaction with the outcome of his
working visit to China, which has
yielded additional investments in
Nigeria exceeding $6 billion USD.

President Buhari believes that the
several agreements concluded with the
Chinese during the visit will have a
huge and positive impact on key
sectors of the Nigerian economy
including power, solid minerals,
agriculture, housing and rail
transportation.

In the power sector, North South
Power Company Limited and
Sinohydro Corporation Limited signed
an agreement valued at
$478,657,941.28 for the construction
of 300 Mega Watts solar power in
Shiriro, Niger State. In the solid
minerals sector, Granite and Marble
Nigeria Limited and Shanghai Shibang
signed an agreement valued at $55
million for the construction and
equipping of granite mining plant in
Nigeria .

A total of $1 billion USD is to be
invested in the development of a
greenfield expressway for Abuja-
Ibadan-Lagos under an agreement
reached by the Infrastructure Bank
and Sinohydro Corporation Limited.
For the housing sector, both
companies also sealed a $250 million
deal to develop an ultra modern 27-
storey high rise complex and a $2.5
billion agreement for the development
of the Lagos Metro Rail Transit Red
Line project.

Other agreements announced and
signed during the visit include a $1
billion for the establishment of a Hi-
tech industrial park in Ogun-
Guangdong Free Trade Zone in Igbesa,
Ogun State. Furthermore, the Ogun-
Guangdong Free Trade Zone and CNG
(Nigeria ) Investment Limited also
signed an agreement valued at
$200million for the construction of
two 500MT/day float gas facilities. An
agreement valued at $363 million for
the establishment of a comprehensive
farm and downstream industrial park
in Kogi state was also announced at
the Nigeria- China business forum.

Other agreements undergoing
negotiations include a $500 million
project for the provision of television
broadcast equipment and a $25
million facility for production of pre-
paid smart meters between Mojec
International Limited and Microstar
Company Limited. About 100 Nigerian
businesses and 300 Chinese firms
participated in the Nigeria - China
business forum which took place a day
after President Buhari began his visit
to China.

Garba Shehu SSA to the President
(Media & Publicity) April 15, 2016