Budget and National Planning Minister, Senator Udoma Udo Udoma, at the weekend, in Beijing, made a strong case why the Chinese government should assist Nigeria financially in funding critical major infrastructure projects in the country.

Senator Udoma who was in China for the Coordinator’s meeting on the implementation of the follow-up actions of the Johannesburg Summit of the Forum on China-Africa Cooperation (FOCAC) also used the opportunity to discuss issues of vital economic interest with that country’s Vice Minister for Commerce, Mr. Qian Keming; and officials of China EXIM bank, where he stressed the mutually beneficial relationship the two countries will eventually enjoy if Nigeria’s economy is assisted to grow rapidly.

At the Johannesburg Summit in South Africa in December 2015, China had agreed to Assist African countries in ten strategic areas that will help their economy. It pledged $60 billion in aid, grants and concessional loans.

Nigeria is trying to get as much of the Chinese funding for projects in the form of grants, aids, investments and loans. The loan component will however be within the country’s debt sustainability limits. Projects proposed for the facility by Nigeria is in the region of about $20 billion, and the Minister said Nigeria will be in a better stead if the Chinese government will assist with a substantial part of the funds required.

During the various meetings, Senator Udoma stressed the need for special consideration for Nigeria given its strategic relationship with China, its economic potentials, and its capacity to redeem its part of the transaction obligations.

The Minister said following the meetings, both countries expressed satisfaction with the proposals and are very anxious to take proceedings to the next level.

During the Cooperation meeting attended by ministers from various countries in Africa, China’s President Xi Jinping said the meeting was an important step taken by China and Africa to implement the consensus of Chinese and Africa leaders and the outcomes of the FOCAC.

“It is a significant measure to boost China-African cooperative development. The meeting demonstrates to the world once again that no matter how the international landscape may change, the resolve of China and Africa to pursue unity and win-win cooperation will never change”, Jinping said.

The President noted that the weak performance of the world economy brings both opportunities and challenges to the economic development of China and Africa. “We must stand shoulder to shoulder and march forward hand in hand,” he admonished.
In his keynote speech, China’s State Councilor, Yang Jiech, explained that his country initiated the meeting at this time “to take stock of the delivery of summit outcomes, to align our thinking, built consensus, overcome challenges and difficulties, share experience and promote cooperation, so that we can pool the wisdom and strength of both sides and give a leg up to the implementation work”.

At the plenary session, China’s Foreign Minister, Wang Yi, was pleased that both China and the African countries have attained a high level of implementation of the outcomes of the summit, have acted promptly to take forward the five pillars and ten plans of cooperation and have made substantial progress in enhancing friendly and mutually beneficial cooperation across board.

He added that China has delivered on its commitments and made every effort to advance follow-up actions.

Akpandem James
Media Adviser to the Hon Minister
31 July 2016

http://www.gistarena.com.ng/2016/07/nigeria-makes-headway-in-securing.html

FP

TheBiafran and ruggedised, y u do me ojoro na. Anyway third to comment. Welcome development from FG

Doesn't this IPOD man know that Buhari has recovered so much loot, big enough to fund global projects, yet he's running to China for help? Or does he want to embarrass our Buhari and sabotage his efforts? ------ famous zombie quote..

China that Bubu came back from empty handed and lied to us about a nonexistent yuen deal. minister of budget and padding will still come back empty handed and lie to us about an other nonexistent deal.
This people neva still learn say one way to save money is by avoiding unnecessary journeys

do we have dogs that go back to their vomits in place of government? today we didn't go to China for loans. tomorrow we only went their to ask for their support in developing Nigeria. now $20b is being mentioned. please no government whether local, state or federal should be allowed to borrow money that's not payable within her tenure. no one should pile debt for a successor any longer. besides, when are we going to start seeing the effects of the recovered trillions from looters and the quadrillions in single treasury account? just a question oh

Good to hear

Anything that holds positive development delights me.

let's see how it pans out.

hahahahahahahahaha

Bubu's one chance season 8 loading...

I thought by now, Chineese yuan will be floating in and out of our ATMs nationwide.

Wake me up when FG denies or modifies the story


This one was cooked up to keep the gullibles and zombies busy for the month of August.

New Month, New Hope...

Happy new month to you all

Always making headway with China .....we go soon hear the real version of the story

God will bless Nigeria and Nigerians

Again but to ffg na our problem

TheBiafran:
the same china that bubu reject their direct investment? only to go for a likewise rejected loan?
I PRAY THE ZOO FAILS TO SECURE THIS FUNDING!
this country never see anything yet!
THE ZOO MUST FALL!

fuastrated soul !!!

Oh God, when naija gets better, make u no remeber this ipod and his mumu followers

And so?! This their headway don help reduce bag of rice when be 18k now?

I hope it works.

Cos Buhari means well for this country

h

TheBiafran:
the same china that bubu reject their direct investment? only to go for a likewise rejected loan?
I PRAY THE ZOO FAILS TO SECURE THIS FUNDING!
this country never see anything yet!
THE ZOO MUST FALL!

are u well at all this is early morning abeg stop this kind of trash if u don't know what to type stay a viewer

hmmm.m

TheBiafran:
the same china that bubu reject their direct investment? only to go for a likewise rejected loan?
I PRAY THE ZOO FAILS TO SECURE THIS FUNDING!
this country never see anything yet!
THE ZOO MUST FALL!

If you believe Nigeria is a zoo, then u and your families are the animals living in it

TheBiafran:
the same china that bubu reject their direct investment? only to go for a likewise rejected loan?
I PRAY THE ZOO FAILS TO SECURE THIS FUNDING!
this country never see anything yet!
THE ZOO MUST FALL!

Praying for another to fall wouldn't help you stand, never.

Only one advice for you '' Free your mind from HATE ''.


@Topic, way to go.

Those who pray and wish us failure will watch us SOAR.

Of course the chinese know that the zoo baboons are blowing hot air

The criminal alamajaris from the North have never imported a pin from china

They want to take the loan from china and loot it as usual so that the can give to okoroawusa and the other Northern Baboons to recite their devil's religion

But the chinese must have become smart as there is no free oil to pay back the loan

The zoo must fall

No more oil, Go back to farm

Noted

mehn I gbadun countries wey gor carry dia money go dey develop anoda pesin con3.

ok we are waiting

TheBiafran:
the same china that bubu reject their direct investment? only to go for a likewise rejected loan?
I PRAY THE ZOO FAILS TO SECURE THIS FUNDING!
this country never see anything yet!
THE ZOO MUST FALL!

why are you bothered about the affairs of the zoo? I guess you want the best for the zoo.

yipata:
ur so unfit for a place like this cos u are an animal, Nigeria will stand and Nigeria will help turn u arround to become an human being fit to live among humans. Your so animalistic In thinking and only fit for a zoo. If u are tired of Nigeria, u can go through sambisa forest and go dominate the place. But in ur own very eyes or at ur back, we will rise and dominate the world

Seun has a lot of job to do in cleaning this section. A long ban will reset people's brain.

Just tell you want to take loan fro China. It's not a crime. Even the USA is doing that.

Is the Yuan deal a scam?

Nigeria is like almajiri; always begging