In a remarkable turn of events, Chinese firms are set to commit a substantial $6 billion investment to Nigeria. This was a mere 24 hours after President Xi Jinping reaffirmed his government’s commitment to supporting Nigerian projects. This delegation was led during the 3rd Belt and Road Initiative (BRI) conference in Beijing, by Vice President Kashim Shettima.
Three of these Chinese companies entered the Memoranda of Understanding (MoUs) with Nigeria. These companies pledged $2 billion for investments in the vehicle and technology sectors. Meanwhile, other Chinese firms expressed their intent to embark on $4 billion worth of projects within the country.
List Of All The Chinese Firms Set To Commit $6 Billion Investment In Nigeria.
The Ministry of Works in Nigeria signed an MoU with China Harbour Engineering Company Ltd for the construction of the Lekki Blue Seaport contract. The port is located at the Lekki Free Trade Zone in Lagos. The National Agency for Science and Engineering Infrastructure (NASENI) signed agreements with three Chinese companies. They are the Shanghai Launch Automotive Technical Company Limited, China Great Wall Industry Corporation, and Newway Power Technology Limited.
Also read Completion Of Phase One Of Lekki Deep Sea Port Solidifies Partnership Between China and Nigeria.
Proposed Projects For The Chinese Firms.
Shanghai Launch is poised to establish a new energy automobile facility in Nigeria for the production of new energy electric vehicles. China Great Wall will undertake turnkey delivery of Unmanned Aerial Vehicles (UAV) assembly line projects. Newway will play a pivotal role in the transfer of technology related to Lithium batteries, electric vehicles, and allied technologies.
Additionally, a group of Chinese firms presented Letters of Intent for a combined $4 billion investment in various sectors. They include solar products, vehicle design, and production. Furthermore, clean energy utilization technology and the development of new industrial parks are among others.
In a separate meeting, Vice President Shettima engaged with prominent Chinese giants. They were in the fields of communications, technology, railway, power, and construction. These discussions opened the door for potential collaborations between Nigeria and the companies. They included well-known entities like HUAWEI Technologies and China Civil Engineering Construction Corporation (CCECC). Similarly, China Railway Construction Corporation (CRCC) was included, among others.
Vice President Shettima expressed his gratitude to all stakeholders and emphasized that Nigeria’s business environment had never been more conducive to growth. He commended the efforts of President Bola Ahmed Tinubu’s administration in ensuring a level playing field for investors, paving the way for enhanced economic and trade collaborations.
