Following a Beijing Belt and Road Initiative summit, Nigeria’s vice president’s office announced that Chinese President Xi Jinping had promised to enhance investments in Nigeria’s power-generating industry and digital economy.
According to the office of Vice President Kashim Shettima, the National Agency for Science and Engineering Infrastructure (NASENI) of Nigeria and three partners from China have signed contracts for new projects totaling $2 billion.
It further mentioned that letters of intent totaling another $4 billion for new ventures and investments in various economic areas had been received. Nigeria, the largest economy in Africa, is struggling with slow development due to increasing debt, high inflation, and high unemployment. Nigeria is looking to attract investments to help the economy.
Among the inked agreements are vehicle assembly projects, solar goods, vehicle design and manufacturing, drone technology transfer, sustainable energy use, and creating an industrial park.
Developing the Lekki Blue Seaport in Lagos was another project for which Nigeria secured contracts with the China Harbour Engineering Company.
According to the vice president’s office, Xi requested the security of Chinese workers in Nigeria when he met with Shettima.
China has already committed to Nigerian rail projects and the Niger Delta’s Bonny Island seaport. However, after receiving permission from the Nigerian government and the China Exim Bank, the projects are still waiting for bank disbursements.
China also pledged at the Belt and Road Initiative Forum to refinance the conclusion of two rail projects put on hold because of reduced funding pledges from China. China has already committed to fund 85% of the rail projects.