Sunday, April 17

Presidency reveals there was no loan deal during Buhari's visit to China

The Presidency has stated that President Muhammadu Buhari did not sign any loan agreement with the Peoples Republic of China during his one-week working visit to the Asian country.

Special Adviser to the President on Media and Publicity, Femi Adesina, revealed to Punch on Saturday, that “there was no loan deal during the President’s visit to China. All that is coming are investments into Nigeria.”



Rather, the presidential spokesperson said Buhari’s trip yielded over $6bn additional investments for Nigeria.

Senior Special Assistant to the President on Media and Publicity, Garba Shehu, in a statement made available to journalists, said the President is confident that the agreements signed with the Chinese would have a huge impact on key sectors of the Nigerian economy – power, solid minerals, agriculture, housing and rail transportation.

“In the power sector, North South Power Company Limited and Sinohydro Corporation Limited signed an agreement valued at $478,657,941.28 for the construction of 300 Mega Watts solar power in Shiriro, Niger State.”

“In the solid minerals sector, Granite and Marble Nigeria Limited and Shanghai Shibang signed an agreement valued at $55m for the construction and equipping of granite mining plant in Nigeria.”

“A total of $1bn is to be invested in the development of a greenfield expressway for Abuja-Ibadan-Lagos under an agreement reached by the Infrastructure Bank and Sinohydro Corporation Limited.”

“For the housing sector, both companies also sealed a $250m deal to develop an ultra modern 27-storeyed high rise complex and a $2.5bn agreement for the development of the Lagos Metro Rail Transit Red Line project.”

“An agreement valued at $363m for the establishment of a comprehensive farm and downstream industrial park in Kogi State was also announced at the Nigeria-China business forum.”

“Other agreements undergoing negotiations include a $500m project for the provision of television broadcast equipment and a $25m facility for production of pre-paid smart meters between Mojec International Limited and Microstar Company Limited.”

“About 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum, which took place a day after President Buhari began his visit to China.”

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