Home | NEWS | Economy | THE ROAD TO CHINA AS BUHARI ENDS HIS WORKING VISIT (1)

THE ROAD TO CHINA AS BUHARI ENDS HIS WORKING VISIT (1)

There is no doubt that in a time where we have succeeded in running an economy that is highly import-dependent with high exchange rates, dropping prices of our mono-product, oil;  the sure path to building our nation will be largely through strategic partnership with other nations. By strategic it will mean partnering with nations that are known for exporting their products to us, maybe that way we save our foreign exchange and get good deals.

On the other hand, the kind of development that Nigeria needs to match up with other nations who perhaps we started this race together is highly capital-intensive, thereby necessitating partnerships that will transfer technology and also equip our people. We need to learn to fish as fast as possible even as the President understands that diversification is a matter of urgency. Asides learning to fish we also need to visit our ponds of resources, explore them maximally and see what we can use them to produce as ours, so they can compete in the international market.

President Buhari is set to return from China and this trip alone has further reiterated his commitment to further strengthen the economy despite the present challenges. The visit of course has yielded some benefits in agreements and partnerships, but of course Nigerians want full implementation, follow-up and results.

  1. North South Power Company Limited and Sinohydro Corporation Limited have signed an agreement that is valued at  $478,657,941.28  to build a 300 Mega Watts of Solar Power in Shiroro, Niger State.
  2. Granite and Marble Nigeria Limited and Shanghai Shibang signed agreement that is $55 million worth for the construction and equipping of granite mining plant in Nigeria.
  3. An agreement was reached by the Infrastructure Bank and Sinohydro Corporation Limited to develop a greenfield expressway on Abuja-Lagos-Ibadan that is $1 billion worth.
  4. The two companies above further signed agreement of $250 million to build an ultra-modern 27-storey high-rise complex and also a $2.5 billion deal to develop  the Lagos Metro Rail Transit Red Line project.
  5. The Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited further signed agreement of $200 million to develop a two 500MT/day float gas facilities.
  6. A $363 million deal for the development of a comprehensive farm and downstream industrial park in Kogi State was announced at the Nigeria-China business forum.
  7. A $500 million project for the provision television broadcast equipment and a $25 million facility for the production of pre-paid smart meters between Mojec International Limited and Microstar Company Limited is still under negotiation.

A total of 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China Business Forum.

[ctt title=”There is no doubt that in a time where we have succeeded in running an economy that is highly import-dependent with high exchange rates, dropping prices of our mono-product, oil; the sure path to building our nation will be largely through strategic partnership with other nations.” tweet=”There is no doubt that in a time where we have succeeded in running an economy that is highly import-dependent with high exchange rates, dropping prices of our mono-product, oil; the sure path to building our nation will be largely through strategic partnership with other nations.” coverup=”cdDIg”]

…To be continued 

Source: THE NATION

 

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