NIGERIA PRESIDENT SAID HE IS HAPPY WITH CHINA-AFRICA COOPERATION

Nigeria president Muhammadu Buhari said he is happy to note that Nigeria’s partnership with China through Forum on China-Africa Cooperation has resulted in the execution of critical infrastructure projects valued at more than $5 billion, over the last three years.

We have completed and flagged off West Africa’s first urban rail system, valued at $500 million, in Abuja. Before then was the 180km rail line that connects Abuja and Kaduna, completed and commissioned in 2016, and running efficiently since then.

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

Less than 3 months ago, Nigeria signed an agreement for 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.

Let me use this opportunity to address and dispel insinuations about a so-called Chinese ‘debt trap’. These vital infrastructure projects being funded are perfectly in line with Nigeria’s Economic Recovery & Growth Plan. Some of the debts, it must be noted, are self-liquidating.

Nigeria is fully able to repay all the loans as and when due, in keeping with our policy of fiscal prudence and sound housekeeping.

Facebook Comments

About author

Oludare J. Olusan
Oludare J. Olusan 249 posts

Publisher, Entrepreneur, Author and founder of The African portal / Presenter at The African Portal Radio / TV

You might also like

“I won’t hesitate to marry a Nigerian man” – top Kenyan athlete.

Rhoda Tanuyi of Kenya said she would not hesitate to marry a Nigerian man if approached. The athlete who came first at the 2nd Access Bank Lagos City Marathon yesterday

SOUTH AFRICA’S ECONOMIC PROBLEMS ROOTED IN CORRUPTION’

JOHANNESBURG – Opposition parties and business organisations say a further downgrade by Standard & Poor’s Global and a review by Moody’s was to be expected, citing political uncertainty as the

JOHANNESBURG: THE MOST VISITED CITY IN AFRICA

JOHANNESBURG – South Africa’s most-populated city, Johannesburg, has emerged as the most popular destination city in Africa in 2016 followed by Cape Town, according to the annual Mastercard Global Destination

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply