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China Set To Invest $60bn In Nigeria


The People’s Republic of China has said that it will invest $60 billion in Nigeria as part efforts to further deepen existing relations between both countries and further integrate sustainable development in the country.

The chargé d’affaires of the Chinese Embassy in Nigeria, Mr Qin Jian, who said this in a statement yesterday, while commemorating the 45th anniversary of its diplomatic activities in Nigeria, described economic cooperation between both countries as “fruitful.”

Qin said that China was willing to integrate its development with independent and sustainable development in Nigeria and other African countries, so as to achieve common development.

He noted that at the “successful and historic” second edition of the Forum on China-Africa Cooperation Summit held in Johannesburg, South Africa, the Chinese President, Xi Jinping, proposed five major pillars for China-Africa relations. According to the Chinese envoy, China and Africa should seek equality and mutual trust in politics, cooperation in economy, mutual learning in civilisation, mutual assistance in security as well as unity and coordination in international affairs.

Qin said, “China’s 10 key cooperation plans with Africa in the fields of industrialisation, agriculture modernisation, infrastructure, among others will serve as an all-around blueprint for China’s cooperation with Africa in a period to come and symbolise that China-Africa relations will take a big stride and enter a new era.

“To fulfil the 10 plans, China has pledged $60 billion in development funding to Africa. When carrying out cooperation with Africa, China sticks to the principle of ‘four nos and three priorities.’ These include attaching no political conditions, interfering in no African country’s internal affairs, raising no demanding requirements and making no empty promises,” the statement said.

Among the listed priorities of the Asian nation were Africa’s demands, the improvement of the African peoples’ livelihood and enhancement of Africa’s capacity for independent development.

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