TradeInvestNigeria Staff
Posted on: Mon, 07 Apr 2008
The Chinese government has signed agreements with Nigeria to invest over N1 trillion in the African country's economy.
According to Dr Samshudeen Usman, Minister of Finance, President Umaru Yar'Adua's recent Chinese visit was to persuade investors to invest in Nigeria's economy, especially in the area of infrastructure.
The two governments signed an agreement for the construction of schools, hospitals and anti-malaria projects, to be completed within the next two years. For these projects, the Chinese government is going to provide Nigeria with two grants, amounting to a total of N1.9-billion (US$11.42 million).
In another agreement, N8.5 billion (US$5 million) will go to the supply, installation and commissioning of Global Open Trunking Architecture (GOTA) security communications between a telecoms firm, ZTE and the government. The China National Oil Corporation (CNOC) also expressed an interest to inject money into Nigeria's oil and agriculture sectors.
