President Muhammadu Buhari on Friday in Guangzhou, China, said that his administration would take urgent steps to restructure Nigeria’s economy by encouraging new investments in mining, agriculture and manufacturing.
The president, who stated this at a reception in his honour by the Communist Party of China, said that Nigeria would welcome the support of the Chinese government, foreign investors and local businesses for efforts to diversify the nation’s economy.
A statement in Abuja by Mallam Garba Shehu, said the President noted that the diversification of the Nigerian economy was long overdue as continued reliance on crude oil exports had always made the economy vulnerable to shocks.
“This time we will be more deliberate. The government and businesses will be involved,’’ Buhari said.
In his remarks, the Secretary of the Communist Party, who is also the Governor of the Guangdong Province, Mr Hu Chinhua, pledged that the region would support the implementation of all the bilateral agreements reached with the Chinese government during Buhari’s visit.
The statement added that Buhari also visited the Sino-Singapore Knowledge City in Guangzhou “which showcases advancements by China in medical, science and technological inventions’’.
The President also expressed satisfaction with the outcome of his working visit to China which he said yielded additional investments to Nigeria exceeding six billion dollars.
Buhari said the several agreements concluded with the Chinese would have a huge and positive impact on key sectors of the Nigerian economy including 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 million dollars for the construction of 300 Mega Watts solar power in Shiroro, Niger State.
“In the solid minerals sector, Granite and Marble Nigeria Limited and Shanghai Shibang signed an agreement valued at 55 million dollars for the construction and equipping of granite mining plant in Nigeria”.
According to the statement, a total of one billion dollars 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.
It further said that both companies also sealed a 250 million dollars deal to develop an ultra modern 27-storey high rise complex and a 2.5 billion dollars agreement for the development of the Lagos Metro Rail Transit Red Line project.
Other agreements announced and signed during the visit, according to the statement, include a one billion dollars facility for the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun.
The statement said that the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at 200million dollars for the construction of two 500MT/day float gas facilities.
It said that an agreement, valued at 363 million dollars for the establishment of a comprehensive farm and downstream industrial park in Kogi State, was also announced at the Nigeria-China business forum.
The statement said that other agreements undergoing negotiations include a 500 million dollars project for the provision of television broadcast equipment and a 25 million dollars facility for production of pre-paid smart meters between Mojec International Limited and Microstar Company Limited.
According to the statement, about 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum which took place a day after Buhari began his visit to China.
