Trade and economic relations between Nigeria and China received a boost following the signing of a Memoranda of Understanding (MoU) between the National Agency for Science and Engineering Infrastructure (NASENI) and three Chinese firms for new projects valued at $2 billion.
The Nigerian government also received letters of intent for new projects and investments worth $4 billion from more Chinese companies.
Similarly, Nigeria’s Ministry of Works signed an MoU with China Harbour Engineering Company Ltd for the construction of the Lekki Blue Seaport contract at the Lekki Free Trade Zone in Lagos.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Publicity, the MoUs were signed on the sidelines of the 3rd Belt and Road Forum for International Cooperation, held in Beijing, China between 17-18 October 2023.
Vice President Kashim Shettima, who represented President Bola Ahmed Tinubu at the Forum, witnessed the event, which also had the Ministers of Foreign Affairs, Power, Works, and other top government officials present.
Speaking to Journalists after the signing ceremony, Shettima commended all stakeholders and their Chinese counterparts, saying Nigeria has never been this ripe and ready for businesses to thrive.
He said with the meticulous efforts by the President Tinubu administration to ensure a level playing ground for all investors following the removal of all bottlenecks, the coast is now clear for deepened economic and trade collaborations.
Executive Vice Chairman of NASENI, Khalil Halilu, said the manifestation of the agreements was a fulfilment of NASENI’s commitments towards boosting the Foreign Direct Investment drive of the Bola Tinubu administration.
“This is a very important day for us at the National Agency for Science and Engineering Infrastructure because it is a day to show the results of some of the work that we have been doing in the last six weeks since I assumed the leadership of NASENI,” Halilu said.
The three MOUs to partner with NASENI include the construction of a new energy automobile facility for the production of new energy electric vehicles by Shanghai Launch Automotive Technical Co Ltd; construction of turnkey delivery of Unmanned Aerial Vehicles (UAV) assembly line projects by China Great Wall Industry Corporation; and the transfer of technology on lithium batteries, electric vehicles and allied technologies by Newway Power Technology Company Ltd.
The Chinese firms that presented Letters of Intent to the Vice President to pull together $ 4 billion in investments are TBEA (solar products); DongFeng Vehicles Co. (vehicle design and production), and HiLong Energy (CNG, LNG, methanol).
Others are Space Star Technology (Drone technology transfer); ENRIC (clean energy utilization technology); Hidier Group (development of new industrial park), China State Construction Company (building technology and materials); CIMC (natural gas infrastructure delivery); Value Platform International Services Ltd (vocational training) and Acadia Technologies (Shenzhen) Co. Ltd. (smart grids and microgrids).
Shettima also met with several communications, tech, railway, power and construction giants based in China. They include the China National Electric Engineering Co. Ltd, China Civil Engineering Construction Corporation (CCECC), China Electronics Technology Group Corporation (CETC), China Railway Construction Corporation (CRCC), China Communications Construction Co. Ltd (CCCC), HUAWEI Technologies, Senteng International Company Nigeria Limited, China National Electric Engineering Co. Ltd and Zhejiang Dahua Technology Co. Ltd.
