Top Story

Nigeria-China partnership results in $5bn projects for W/African country – Buhari

366

Nigeria’s President Muhammadu Buhari said on Tuesday in Beijing that his country’s partnership through e Forum on China-Africa Cooperation (FOCAC) has resulted in the execution of vital infrastructure projects across the country, valued at over $5 billion in the last three years of the current administration.

 

Speaking at the FOCAC Round Table meeting, attended by African leaders and Chinese President Xi Jinping Buhari said: “For Nigeria, our partnership with China through the FOCAC platform, has resulted in the construction of the first urban rail system in West Africa. This $500 million project in Abuja was commissioned in July this year.

 

“This 180km rail line that connects Abuja and Kaduna was commissioned two years ago at a cost of $500 million. Today the rail line is functioning efficiently with no issues – indeed, a sign that Chinese technology is world class.”

 

Buhari said Nigeria has “impressively” addressed significant challenges in the areas of infrastructure, human capacity development, power, transport, agriculture and humanitarian assistance through the Chinese government support Chinese support.

 

“Nigeria is leveraging Chinese funding to execute $3.4 billion worth of projects at various stages of completion. These include the upgrading of airport terminals, the Lagos – Kano rail line, the Zungeru hydroelectric power project and fibre cables for our internet infrastructure.

 

“Furthermore, less than 3 months ago, Nigeria signed an additional $1billion loan from China for additional rolling stock for the newly constructed rail lines as well as road rehabilitation and water supply projects.”

 

Dispelling concerns about possible deb trap by Chinese government on developing countries, Buhari insisted that Nigeria would be able to repay its debts to China, saying: “These vital infrastructure projects synchronize perfectly with our Economic Recovery and Growth Plan.  Some of the debts incurred are self-liquidating. Our country is able to re-pay loans as and when due in keeping with our policy of fiscal prudence and sound housekeeping.”

 

An emailed statement from Garba Shehu, the president’s Senior Special Assistant to the President on Media & Publicity quotes the West African leader as saying: “Nigeria will continue to support the FOCAC initiative and also seek to key into the Belt and Road Initiative as an additional Chinese mechanism to build further cooperation in our quest for infrastructural and economic development.”

Leave a comment

Related Articles

Angolan President João Lourenço Takes Helm as African Union Chairperson

Angolan President João Lourenço has been elected as the new chairperson of...

Anambra accident: Cement-laden truck crashes into building, leaving five dead, others injured

A tragic accident occurred at the Area Command Bus Stop in Nnewi,...

Just in: Afenifere leader, 96-year-old Ayo Adebanjo exits

Pa Ayo Adebanjo, leader of Afenifere, a pan-Yoruba socio-cultural organization, has died...

FG Launches ‘Power Rangers’ to Protect Power Installations

Nigeria’s Minister of Interior Olubunmi Tunji-Ojo has announced the inauguration of a...

Breaking: National Assembly passes 54.9trn 2025 budget

The National Assembly has approved a record-breaking N54.9 trillion federal government’s budget...

Nigeria Partners Google to Harness AI for Digital Economic Growth

Nigeria is exploring a strategic partnership with Google to advance artificial intelligence...

NNPCL Chief, Kyari, Unveils Strategic Priorities for Africa’s Sustainable Energy Development

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum...

Five months after cabinet reshuffle: Tinubu orders ministers to render account of stewardship

President Bola Tinubu has directed his ministers to provide an immediate account...

Just in: CBN Introduces New ATM Transaction Fees Effective March 1

The Central Bank of Nigeria (CBN) has announced a review of transaction...

UCH power outage: Minister brokers deal with IBEDC, to restore electricity in 48 hours

Following the Minister of Power, Dr. Adebayo Adelabu’s intervention, the Ibadan Electricity...

VP Shettima Reaffirms Tinubu’s Commitment to Bridging Financial Gaps, Achieving $1trn Economy

Vice President Kashim Shettima has reaffirmed President Bola Tinubu’s commitment to economic...

Just in: Supreme Court reserves judgments in 4 Rivers political dispute cases

The Supreme Court has reserved its judgments in four separate cases related...

Edo gov. poll tribunal: Gov. Okpebholo closes defence, calls lone witness

Edo Gov. Monday Okpebholo on Monday in Abuja opened and closed his...

NAFDAC cracks down on counterfeit medicines, seizes fake drugs in Anambra market

The National Agency for Food, Drug Administration and Control (NAFDAC) has launched...

Just in: Alleged terrorism: Justice Nyako adjourns Nnamdi Kanu’s trial indefinitely

Justice Binta Nyako of the Federal High Court, Abuja, has adjourned the...

N495m debt: Months-long power cut brings UCH Ibadan to grinding halt

The premier world-class University Teaching Hospital (UCH), Ibadan, Oyo State, is on...

Another Niger State Tanker Explosion: Latest Tragedy Fuels Push for Enhanced Safety Protocols

A catastrophic gas explosion rocked Sabon Wuse in Tafa Local Government Area...

Nigeria introduces hassle-free, contactless passport renewal system for European-based citizens

After its successful implementation in Canada, the Minister of Interior, Mr. Olubunmi...

6-3-3-4 not scrapped, only proposing migration to 12-year compulsory education, Minister clarifies

Education Minister Dr. Tunji Alausa, has clarified media reports that the federal...

FG announces reforms, plans to replaces JSS, SSS with 12-year basic education model

After 42 years of its introduction into the education system, the Federal...