China Plans $40bn Investments In Nigeria’s Oil Pipeline

The Chinese Foreign Affairs Minister, Mr Wang Yi, has disclosed that his government is planning to invest another $40billion on Nigeria’s oil pipeline.

The minister stated this yesterday at a bilateral meeting with his Nigerian counterpart, Geoffrey Onyeama in Abuja.
Yi said the proposed investment was in addition to the already-financed $22 billion projects and the $23 billion ongoing projects.

“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 $40billion of investments which is on the pipeline,” he said.

The minister said he was in the country to implement the important agreement and cooperation reached between the Chinese and Nigerian presidents, as well as work closely to ensure that the outcome of the FOCAC summit are well implemented in Nigeria.

Yi reiterated the need for both China and Nigeria to deepen their strategic partnership to achieve further development and prosperity of both countries.
“In order to achieve further development and prosperity of the two countries, we need to strengthen our political mutual trust, further expand practical cooperation and deepen our strategic partnership,” he added.

He expressed optimism that his visit would play a key role in further strengthening the strategic partnership between China and Nigeria.
Speaking earlier, Onyeama said the relations between both countries have been very strong, with China’s $80 billion investments in Nigeria.

“You all know that in the area of infrastructure, which one of the priorities of the federal government’s diversification programme, the Chinese government has been showing a lot of cooperation with us in this area, helping us in area of transportation in particular, rail and airport projects,” he said.

He therefore expressed appreciation to the Chinese foreign minister for including Nigeria in his Africa iterinary which he said would further strengthen the strategic partnership between both countries.


from dailytrust