China seal $1.2m development deal with Nigeria

Chinese investments in Nigeria hit over $13bn

China on Monday incresed her economic relationship with Nigeria by signing a bilateral agreement worth more than $1.2 million for feasibility studies on the second phase of the Abuja Solar Powered Traffic Control Signal, Agricultural Demonstration Centre and the bilateral training programmes.

The agreement signed at the sixth session of the Economic, Trade and Technical Cooperation Joint Commission meeting in Abuja, is a prelude to Chinese government’s full involvement in the projects once they are certified feasible.

The 18- Man China business delegation team led by the China’s Vice Minister of Commerce, Qian Keming was also at the Federal Ministry of Finance where the Team held bilateral meetings with the Nigerian Finance Minister, Mrs. Kemi Adeosun on financing deals in sector such as industry and manufacturing to boost Nigeria’s export as part of measures to fast track the country’s diversification drive.

The agreement signed at the sixth session of the Economic, Trade and Technical Cooperation Joint Commission meeting in Abuja, is a prelude to Chinese government’s full involvement in the projects once they are certified feasible.

The project will be funded through gratis assistance as part of the 2012 Economic and Technical Cooperation Agreement between the two governments.
Budget and National Planning Minister, Senator Udoma Udo Udoma, signed on behalf of the Nigerian Government while China’s Vice Minister of Commerce, Qian Keming, signed on behalf of the People’s Republic of China.

According to the agreement, RMB Yuan 6000,000.00 is allocated for training programmes; the Agricultural Centre is allocated RMB Yuan 1,000,000.00, while the Sola project study has RMB Yuan 1,200,000.00.

 

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