FG Moves To Secure $5.7bn China Investments Across Key Sectors - Politics

FG Moves To Secure $5.7bn China Investments Across Key Sectors - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › FG Moves To Secure $5.7bn China Investments Across Key Sectors (3143 Views)

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FG Moves To Secure $5.7bn China Investments Across Key Sectors by Putindbutt(op): 4:50pm On Feb 26

The Federal Government is deepening negotiations to secure up to $5.7bn in strategic investments from China across critical sectors of the economy, the Ministry of Finance said on Monday.

In a statement issued after a meeting in Abuja, the ministry revealed that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, “received a high-level delegation from GCL Group in Abuja, led by Orji Uzor Kalu, as Nigeria moves to secure up to $5.7bn in strategic investments across power, mining and industrial manufacturing.”

According to the statement, the proposed funding is expected to cover energy generation, mineral development, and industrial production.

“The proposals include large-scale energy generation, local mineral processing and new factories aimed at boosting jobs, exports and value addition,” the ministry stated.

The engagement, it explained, forms part of broader efforts to expand productive capacity and reposition the economy through carefully targeted foreign direct investments.

The statement added that the discussions are “backed by reforms under Bola Ahmed Tinubu” and reflect “rising investor confidence” in Nigeria’s economic direction.

It further noted that the talks align with the country’s wider economic strategy, particularly the transition “from raw exports to domestic production,” with emphasis on “strengthening energy security, industrial capacity and long-term economic growth.”

While the ministry did not provide additional specifics on the proposed projects, it stated that the engagement is consistent with the administration’s industrialisation and economic reform agenda.

https://punchng.com/fg-targets-5-7bn-china-investment-deal/

8 Likes

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by nedu666: 4:55pm On Feb 26

Orji Kanu led gcl group. This people no go kill us. Even Wale edun dey laugh in chinese

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by Putindbutt(op): 5:04pm On Feb 26

The fearless Jagaban. US lawmakers can write any useless reports and submit to Trump about China's mining business in Nigeria. As a sovereign nation, we open our borders to whoever we want and no baga can dictate to us as we do not dictate to the US.

Let Trump stay put in DR Congo and continue stealing away their mineral resources to the US. They are not going to have any access to any of our mineral resources in Nigeria. We prefer China, we love China.

China is not just here mining and stealing away our resources as US does in Congo and other African countries, China is here adding values to our resources and creating employment opportunities for Nigerians.

China has set up two lithium manufacturing factories in Nigeria to the tune of $1.3 billion within four years. Not only that, China is already setting up a $400 million steel factory in Nigeria.

We will continue buying US weapons, that's all they're useful for, to sell weapons to us. Just as 85% of their weapons find their way into the hands of Mexican drug cartels yet same US is crying foul of drugs coming into their country. Such a hypocritical country.

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Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by Putindbutt(op): 5:08pm On Feb 26

nedu666:
Orji Kanu led gcl group. This people no go kill us. Even Wale edun dey laugh in chinese

What's wrong in a senator and citizen of a country leading a business group to the minister?. Are they the first Chinese company to have worked with Nigeria?.

How many foreign investment did Gbajue attract to Anambra?. Pls, don't mention beer 🍻

5 Likes

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by SpaceX: 5:08pm On Feb 26

Investment with no proper plan just calling all manner of figures to make it look like they are working, it's all a lie from the pit of hell..

1 Like 1 Share

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by AMINDA: 6:40pm On Feb 26

All vague projects. Buhari’s Chinese loans went towards completion of Kaduna-Abuja rail, Lagos-Ibadan Railway, Zungeru hydropower plant, Baro port, several roads across the country and other numerous infrastructure. What has Tinubu done with his record-breaking Worldbank loans?

2 Likes

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by HacheNoire: 6:42pm On Feb 26

A big win for the administration of His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR).

At this pace, the UAE needs to watch her back.

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Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by helinues: 6:44pm On Feb 26

Those who are asking where are the investment by the foreigners, here you have one of it

All those foreign trips are not to catch fun, they are for real business

Meanwhile, for those who don't know the noise from USA senators about christian percecution in Nigeria was all about overtaking China in the mining sector in Nigeria.

Same tactics they used in Eastern Congo. Northerners, shine your eyes

2 Likes

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by anonimi: 6:47pm On Feb 26

SpaceX:
Investment with no proper plan just calling all manner of figures to make it look like they are working, it's all a lie from the pit of hell..

You know what’s up bro.

Audio announcements of zero consequences.

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by anonimi: 6:51pm On Feb 26

HacheNoire:
A big win for the administration of His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR).

At this pace, the UAE needs to watch her back.

This pace of empty, balablu, propaganda announcements?

Quite interesting to see you mention UAE.

What happened to the UAE billions of dollars investments announced in September 2023, when Akuri Ngelale was still working for Tinubu huh

1 Like 1 Share

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by igatit: 6:59pm On Feb 26

The purpose is still vague. Transparency is a big issue with thieves.

2 Likes

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by Anaconda76: 7:07pm On Feb 26

Another fancy way of say "Onigbese ni o!" grin

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by Anaconda76: 7:10pm On Feb 26

igatit:
The purpose is still vague. Transparency is a big issue with thieves.

Thieves can never ever have a sincere reason to steal naaaa. Ko possible

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by Slippy: 8:20pm On Feb 26

Replacing Western colonialism with Chinese version

Black people are a special case undecided

1 Like

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by ponziponzi(m): 8:38pm On Feb 26

Slippy:
Replacing Western colonialism with Chinese version

Black people are a special case

What are you saying? So foreigners shouldn't come and invest in Nigeria?

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by sammyj: 8:46pm On Feb 26

This is investment across sectors or another form of loan. Believe this government at your peril !

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by Slippy: 9:01pm On Feb 26

ponziponzi:
What are you saying? So foreigners shouldn't come and invest in Nigeria?

Why can’t you focus on building local capacity instead of treating foreign investment like the achievement itself?

Even China restricted foreign investment in key industries and forced joint ventures and tech transfer so local firms could grow. Major reason Chinese companies can compete with Western counterparts.

APC government cares only about the $$$ attached to foreign capital (whether they materialize or not) so they can celebrate it as an achievement with their deluded followers.

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by bobbiiee: 10:28pm On Feb 26

This is screensaver compared with 2nd term. Ensure you pray and learn Chinese. Dino predicted that the government will borrow money from Opay and Moniepoint.

Re: FG Moves To Secure $5.7bn China Investments Across Key Sectors by ponziponzi(m): 7:34pm On Feb 28

Slippy:
Why can’t you focus on building local capacity instead of treating foreign investment like the achievement itself?

Even China restricted foreign investment in key industries and forced joint ventures and tech transfer so local firms could grow. Major reason Chinese companies can compete with Western counterparts.

APC government cares only about the $$$ attached to foreign capital (whether they materialize or not) so they can celebrate it as an achievement with their deluded followers.

What are you talking about? How do you build capacity? Do you have the technology? Does Nigeria have the money to do anything? Nigeria is a very poor country; it has very little. Foreign investment is what a country needs to kick-start the economy, build industries, create jobs, and develop the necessary skills.

China was very poor until it opened up its economy to the world. That is why almost all American and Western companies are in China, producing and selling. They brought in capital and know-how, and China provided the labour. After some time, China grew, learned, and innovated on those ideas and can now compete. India did not do the same, and they are left behind and still very poor.

Investment does not have to be 100% foreign in a project; Nigeria can also structure it as a joint venture (JV). Lekki Deep Sea Port is a JV built by Chinese entities, the Nigerian government, and the Lagos State government. Nigeria LNG is a JV involving Shell, Eni, and the Nigerian government. The Lekki Free Trade Zone is another example.

Chinese companies can help develop our energy infrastructure (generation, transmission, and distribution). They can also develop new wells for gas and oil exploration that major companies are divesting from. They can build refineries and vehicle assembly plants to serve Nigeria and other West African countries. Nigeria needs these types of investments to build a resilient economy and create jobs. We can't do these all by ourselves.

I don't know much about Nigerian politics, and I don't really care.

1 Reply

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