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Chinese FDI to Nigeria rises to $13b including $1.3bn Lagos-Ibadan railway

Going by the latest statistics, China can be said to be the axis from where more lumps of foreign direct investments (FDIs), especially in infrastructure delivery, is coming from.

This may be among the reasons why the Chinese Deputy Ambassador to Nigeria, Lin Jing, said in Abuja that his country’s investments in country have hit over $13 billion.

The latest remains the $1.3bn infrastructure finding facility on the delivery of Lagos-Ibadan Railway Project in which the federal government for the first time in the history of infrastructure financing, has paid up in full, its counterpart funding of N72bn.

According to Jing, the $326 million 30 rice mills projects slated for the various parts of the country, the China EXIM Bank funded $984 Zungeru Hydro-Electricity Project and the $450 million loan for the construction of Keffi Road, all point to his country’s commitment to the growth of the nation’s economy..

The diplomat who led a delegation to the National Assembly to strengthen the bilateral ties between Nigeria and China further averred that China’s commitment to Nigeria’s development, saying that Chinese investments in Nigeria stood at $13 billion at the end of 2016.

In his remarks, Deputy Senate President, Senator Ike Ekweremadu, who received the Chinese, urged them to ensure proper and fair treatment of Nigerians working in Chinese firms in the country.

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