Nigeria: FG Clears Hurdles to Access $10B from China to Fund Infrastructure
In its quest to ensure prompt actualisation of the bilateral agreements with the People’s Republic of China, the Federal Government of Nigeria has convened an inter-ministerial meeting to fast track the process leading to the full implementation of the agreements reached during the 2024 FOCAC Summit during President Bola Ahmed Tinubu’s state visit to China, thenationonlineng.net reported.
The meeting underscored China’s $51 billion commitment to green infrastructure in Africa, identifying pathways for Nigeria to access at least $10 billion in funding. It also addressed bottlenecks hindering implementation, with actionable steps outlined to fast-track projects, improve legal frameworks, and prioritise value-added exports to China.
The meeting hosted at the Ministry of Foreign Affairs, emphasised the urgency of converting memorandums of understanding (MOUs) into actionable projects that benefit all Nigerians.
Chaired by the Director of Regions of the Ministry of Foreign Affairs, Ambassador Janet Olisa, the interface and discussion was enriched with contributions from key representatives from various ministries and agencies.
Ambassador Olisa reaffirmed Nigeria’s strategic opportunity to leverage this partnership for sustainable development and emphasised the importance of collaboration across government ministries.
Key challenges, including the reliance on raw commodity exports, were acknowledged, with resolutions mapped out to tackle them.
The action items agreed include submitting roadmaps, reviewing agreements, forming implementation committees, and resolving outstanding MOU discrepancies; a follow-up meeting was scheduled for two weeks to track progress on the outlined goals.
Nigeria-China Strategic Partnership was established to drive Nigeria’s socio-economic transformation through targeted Chinese investments, aligning with Nigeria’s Renewed Hope Agenda and China’s Belt and Road Initiative. Through cohesive inter-ministerial collaboration, the partnership aims to drive significant economic diversification and growth, ultimately benefiting every Nigerian.
