President Muhammadu Buhari has expressed satisfaction with the outcome of his working visit to China, which has yielded additional investments in Nigeria exceeding $6 billion.
President Buhari believes that the several agreements concluded with the Chinese during the visit will have a huge and positive impact on key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation.
In the power sector, North South Power Company Limited and Sinohydro Corporation Limited signed an agreement valued at $478,657,941.28 for the construction of 300 Mega Watts solar power in Shiriro, Niger State.
In the solid minerals sector, Granite and Marble Nigeria Limited and Shanghai Shibang signed an agreement valued at $55 million for the construction and equipping of granite mining plant in Nigeria.
A total of $1 billion is to be invested in the development of a greenfield expressway for Abuja-Ibadan-Lagos under an agreement reached by the Infrastructure Bank and Sinohydro Corporation Limited.
For the housing sector, both companies also sealed a $250 million deal to develop an ultra modern 27-storey high rise complex and a $2.5 billion agreement for the development of the Lagos Metro Rail Transit Red Line project.
Other agreements announced and signed during the visit include a $1 billion for the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.
Furthermore, the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at $200 million for the construction of two 500MT/day float gas facilities.
An agreement valued at $363 million for the establishment of a comprehensive farm and downstream industrial park in Kogi state was also announced at the Nigeria-China business forum.
Other agreements undergoing negotiations include a $500 million project for the provision of television broadcast equipment and a $25 million facility for production of pre-paid smart meters between Mojec International Limited and Microstar Company Limited.
About 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum which took place a day after President Buhari began his visit to China.
premium times reportage
*Good explanation but abeg let this be the first and the last borrowing.Nigeria has enough resources...
Now let me ask what the monies being collected back from looters will be used for?This is an innocent question.
And one last question,who is that man behind the president in the photo?I only see him when presido is on international trips.
I pray this work out
ReplyDelete*Larry was here*
Stella, that man behind Buhari is his life line. God help him. If the President sneezes he catches a cold. He'd take the bullet for him. He is accountable for his every move. He dictates to the president where he should go and when it is time to vacate any arena. He decides who comes close to him.
DeleteSee those his eyes looking upandan ehn, he's keeping tab on every corner of that environment. Ask him what is being discussed in that meeting and he wouldn't know, cos that one no concern am.. his mind is elsewhere monitoring every single person in that room. Even when the president is sleeping he's on standby. It is not an easy job I tell ya.
Stella I'm shocked you don't know that's the President's ADC (Aide-de-camp)! He functions like a personal military assistant to the President. He's a Colonel in the Nigerian Army. The Vice President and governors have Police orderlies. Shey you hear..
DeleteWe're waiting...
ReplyDeleteIf he doesn't expression satisfaction, who will? Bubuis working indeed! *yinmu*
ReplyDeleteExpression bah.....u schooled in the north right
DeleteSunday Laugh don land
Delete*Larry was here*
Stella I read/heard that Buhari mentioned the stolen funds will be kept as evidence till the trials are over, which I believe makes sense. Nigerians just need to be patient, I believe he has a vision for the country
DeleteIf he doesn't expression satisfaction, who will? Bubu is working indeed! *yinmu*
ReplyDeleteFoolish useless borrow borrow president.
ReplyDeleteI don't see any Establishment on the south east and south South..I am not happy!
ReplyDeleteCry na. Did u stupid south south and south East vote for him?come collect establishment na..i tot those mumu igbos want to separate. So y should he bother with your region.ewu.
DeleteHahahahhahahahahhahahahahahahaha bitter soul
DeleteThey are at it again, how is this long list going to help Nigeria.....BTW wot can 400m do for the mining sector that is even if they are going to invest it and not embezzle.....
ReplyDeleteDid you say good borrowing? Abeg pls you are a blognalist so you should also investigate and tell bvn the terms and conditions.
ReplyDeleteI read a write-up and we just shot ourselves in the foot.
Let me list some i can remember
we are borrowing in yuan but will pay back in dollars.
There will be no competitive bidding on all these projects and they will be the ones to fix the price exclusively.
Who is supposed to bid for this project? What contractors in Nigeria can handle these projects? The same ones that have bribed government officials with the awarded contract sums? Except you want him to give different countries the chance to bid. In any case, China would still be the most cost effective. You don't want to go with other Asian countries, better stay safe with China.
DeleteDo we even have time for bidding and reviewing this and that now? It's better we focus on one investor and develop the right clauses in the agreement so it's not to hard on either of us.
No money for water resources. Ambode don kill people with no water in Lagos.
ReplyDeleteStella dis kind question u dey ask wey nursery students know say na ADC
Hmmm can these mentioned above be actualized? I wait on it. I hope not to get gray hair while waiting
ReplyDeleteNothing to be done in the Niger-Delta region?
ReplyDeleteVery foolish question, you cannot reap where you did not sow
DeleteGoan ask GEJ that question
Wasn't he there for 6 years?
Shebi u pipu say he is a man of the pple? How come he did nothing for the pple???
Very foolish question, you cannot reap where you did not sow
DeleteGoan ask GEJ that question
Wasn't he there for 6 years?
Shebi u pipu say he is a man of the pple? How come he did nothing for the pple???
Amen o....enough of borrowing pls and the man behind the president is his cso,he's always everywhere wiv him,even in his sleep,he's there.dats his work.morning sdkers.
ReplyDeleteStella nothing wrong when you borrow money for infrastructure.
ReplyDeleteThe problem we have always had is borrowing money and sharing it.
Borrowing money is not a problem as long as you are credit worthy.
Lagos state is probably the state owning most and the least affected by the recession evident by the projects Ambidextrous is embarking on despite the difficult times.
Don't allow all this political jobbers derail our reasoning.
Exactly. Borrowing judiciously is ok. And besides, both countries stand to benefit from the projects.
DeleteIf there is need to borrow Nigeria will borrow. We are credit worthy.
ReplyDeleteSecondly, that is buhari's shadow standing behind him. Ajuju!
Stella The monies cannot be touched, until the looters are sentenced and cases finalised at the court. The monies remain exhibits. And since economic activities cannot be halted, there is need for soft loan tentatively. Inugo?
ReplyDeletenot impressed...SIT DOWN ONE PLACE AND PROVIDE TEH LEADERSHIP NIGERIA SO BADLY NEEDS.
ReplyDeletestop trying so hard to convince us its okay to travel outside Nigeria every other week!
hmmmmmm
ReplyDeleteFrankly speaking, Nigeria will spend millions of dollars in persecuting and recovering looted funds, those in this field can confirm it.
ReplyDeleteDo will have to wait for looted funds before any infrastructural development? The Chinese has milked us for a while now, let's negotiate for mutual benefit.
I pray for full implementation
I agree
DeleteLol y u wan knw the man?
ReplyDeleteSo na trek people coming from Abuja to Lagos dey trek? Who will be the gardener caring for the greenfield from Abuja to Lagos? Are there no other important projects that will empower Nigerians and in time bring returns? Why borrow to waste $1billion on a project that we WANT but not what this nation NEED at the moment.
ReplyDeleteI'm sure you didn't see greenfield expressway there.. Must you comment?
Deletea.k.a EDWIN CHINEDU AZUBUKO said...
ReplyDelete.
Waiting patiently on hw all this money will be spent though......
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***CURRENTLY IN JUPITER***
Hmmmm I think there's sense in what bubu is doing,lets just be patient and hopefully something reasonable would come out of it
ReplyDeleteWhy are all the borrowed infrastructure concentrated ONLY in north and s/west? Are there not six geopolitical zones in Nigeria?
ReplyDeleteAll the borrowed fund is for the north and the south-west. Guess they r understanding that Biafra is close, china take note Biafra will not be part of the repayment of the load when the time comes. You think we are all fools.
ReplyDeletePresent twice...
DeleteStella is asking for the name of the president's ADC and not the portfolio and functions but I guess all the decoders bv's will not know but they know all the celebrities baby mamas and their addresses, how we love to gossip on irrelevant things. Calabar Lagos rail is deleted from the budget mysteriously and now all these agreements has nothing for the Niger Delta? okay na. Nigeria get ready we will join the Biafra fight lemme talk to my boys first.
See Nigerians! this "borrow" as is called by some of us is not Nigerian take this physical cash and go and work. No. please read very well, two companies both in Nigerian and China will be working of the projects that were listed, therefore no companies will bid for the jobs well not the major ones. Please lets stop listening to negative pple and say well done. this is a good development lets pray all the bad belle people o go spoil the good job.
ReplyDelete