Tinubu’s China trip to unlock billion-dollar projects, reshape Nigeria’s economy
President Bola Tinubu’s recent visit to China is expected to boost Nigeria’s economy, with several high-level agreements poised to enhance infrastructure, technology, and trade partnerships.
According to a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the signing of five Memoranda of Understanding (MOUs) between Nigeria and China, along with key meetings with business and political leaders, will set the stage for both immediate and long-term economic growth.
One of the MOUs signed by the two countries is with China Harbour Engineering Company (CHEC) to construct the 68 km Lagos Green rail line. This project, designed to run from Lekki Free Zone to Marina, will enhance transportation within Nigeria’s business hub and contribute to economic growth through improved logistics and connectivity.
Also, Nigeria signed an MOU for a $1 billion iron ore-to-steel project in Kogi State, led by Chart and Capstone Integrated Limited of Nigeria and Sinomach-He of China.
The project has the potential to transform Nigeria’s steel industry and reduce her dependence on steel imports. By tapping into its iron ore reserves, Nigeria can drastically reduce foreign exchange expenditure and spur industrial growth.
Another takeaway from Tinubu’s trip is the Nigeria’s participation in China’s Belt and Road Initiative (BRI). The BRI cooperation plan, according to the presidency will enhance Nigeria’s infrastructure and connectivity, allowing it to tap into global trade routes while boosting foreign direct investment.
Onanuga also stated that Tinubu’s visits to Huawei and the China Railway Construction Corporation (CRCC) will deepen Nigeria’s engagement with China’s technology and energy sectors. The cooperation in nuclear energy, under the Global Development Initiative, could lead to advancements in Nigeria’s energy sector, addressing its perennial power shortages.
As ECOWAS chairman, Tinubu delivered a paper at Forum on China-Africa Cooperation (FOCAC), where he highlighted the essential ingredients of multilateralism and cooperation for global peace.
Following the forum, the president met with representatives of Nigerians in the Diaspora Organisation, China chapter to discuss the reforms his government is implementing to improve Nigeria’s infrastructure, power supply, and education system.
The president later traveled to London, where he held a meeting with King Charles III on Thursday to discuss climate change and potential actions to address its challenges.
Onanuga however confirmed that the president will return to Nigeria on Sunday.
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