- NASENI and three Chinese partners signed contracts for new projects valued at $2 billion in Nigeria’s power sector.
- The agreements signed include vehicle assembly projects, solar products, and more.
President of China, Xi Jinping, recently pledged his country to increase investments in Nigeria’s power generation sector and its digital economy. Vice President Kashim Shettima’s office said Nigeria’s National Agency for Science and Engineering Infrastructure (NASENI) and three Chinese partners signed contracts for new projects valued at $2 billion.
Shettima, in a forum in Beijing, stated that they received another $4 billion worth of letters of intent for new projects and investments in different sectors of the economy. According to him, Nigeria seeks to attract investments to boost its economic growth. However, mounting debt, high inflation and unemployment burden its economic growth. The agreements signed include vehicle assembly projects, solar products, vehicle design and production, drone technology transfer, clean energy utilisation and the development of an industrial park.
Nigeria also signed contracts with China Harbour Engineering Company to construct the Lekki Blue Seaport in Lagos. Xi asked Shettima to protect Chinese workers in Nigeria. China had committed to rail projects in Nigeria in the past and a seaport on Bonny Island in the Niger Delta. But, the projects are still awaiting loan disbursements after securing approvals from China Exim Bank and Nigeria’s parliament.