Another $40bn Chinese investment coming to Nigeria

China is to invest $40billion more in Nigeria. Chinese Foreign Affairs Minister Wang Yi broke the news during a bilateral meeting with his Nigerian counterpart, Mr Geoffrey Onyeama, in Abuja.

He said China had already invested up to $45billion in Nigeria. His words:

“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 $40bn of investments which is in the pipeline.

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

Yi said his visit would lead to the implementation of important agreements and cooperation reached between the Chinese and Nigerian presidents.

Onyeama praised the 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."