China plans $40b investment in Nigeria

China's Foreign Minister Wang Yi talks during a news conference with Egypt's Foreign Minister Sameh Shoukry in Cairo

China is investing additional $40 billion in Nigerian economy, its  Foreign Affairs Minister, Mr Wang Yi, said on Wednesday at a bilateral  meeting with his Nigerian counterpart, Geoffrey Onyeama, in Abuja.

The Minister said China has already invested up to the tune of $45  billion in the Nigerian economy.

“Nigeria and China are strategic partners; our relations have been  developing well. China has already invested or financed a total number  of $22billion projects here in Nigeria, another $23billion projects  are on-going.

“In addition, we are also following up another over $40billion of  investments which is in the pipeline.

“Compare with the size, population and market of our two countries,  our cooperation still have large potential to be deepened,” he said.

According to him, in order to achieve further development and  prosperity of the two countries, we need to strengthen our political  mutual trust, deep complementary between our developments.

He stressed on the need to further expand practical cooperation and  deepen strategic partnership between the two countries.

He expressed confidence that his visit would be a successful one and  play a dual role in further strengthening the strategic partnership  between China and Nigeria.

Yi said the purpose of his visit to Nigeria was to implement the  important agreements and cooperation reached between the Chinese and  Nigerian presidents.

He said the visit was also to help work closely with Nigeria to ensure  that the outcome of the Forum for China Africa Cooperation summit are  well implemented here in Nigeria.

Onyeama had earlier commended the existing relationship between  Nigeria and China noting that the relationship had been strong for  many years.

“I think the level of cooperation with China is extremely high and  Chinese government is investing amount of money in Nigeria and  probably is going up to $60 to $80 billion and we are extremely happy  for that

He said that at the last meeting in South Africa and the government of  China made available the total of $60 billon for Africa and a number  of countries including Nigeria.

The Minister said that he would want to key in and see how much of  that could be used to assist in the various projects that we have in  this country.

He explained that President Muhammadu Buhari was in China in 2016 and  had a discussion with Chinese Government on various cooperation.

“We know that in the area of infrastructure which is one of the  priority areas and diversification the Programme of this government  from oil .

“Chinese government has been showing a lot of cooperation with us in  this area especially in the area of transportation,” he said

Minister of Transport, Mr Rotimi Amaechi was part of the meeting.