‘$6bn Potential Deals’ — Presidency Lists Gains Of VP Shettima’s China Visit

The Presidency on Thursday highlighted some of the benefits of Vice President Kashim Shettima’s trip to China, where he attended the 3rd Belt and Road Forum for International Cooperation held between 17 and 18 October 2023 in Beijing.

The gains include the signing of agreements between Nigeria’s National Agency for Science and Engineering Infrastructure (NASENI) and three Chinese companies for projects valued at $2 billion.

Stanley Nkwocha, the VP’s senior media assistant, listed the deals to include partnerships with Shanghai Launch Automotive Technical Co Ltd for establishment of a facility dedicated to energy automobile production.

NASENI also signed an agreement with China Great Wall Industry Corporation for the delivery of Unmanned Aerial Vehicles (UAV) assembly line projects.

An agreement for technology transfer in lithium batteries, electric vehicles, and related Technologies was also signed with Newway Power Technology Company Ltd.

Khalil Halilu, the Executive Vice Chairman and Chief Executive Officer of NASENI, described the agreements as a testament to the agency’s commitment to boost Foreign Direct Investment (FDI) into the country.

The agreements were followed by letters of intent by other Chinese companies worth an additional $4 billion for other projects and investments.

The companies include TBEA (solar products); DongFeng Vehicles Co. (vehicle design and production) and HiLong Energy (CNG, LNG, methanol)

Others are Space Star Technology (Drone technology transfer); ENRIC (clean energy utilization technology); and Hidier Group (development of new industrial park), China State Construction Company (building technology and materials); CIMC (natural gas infrastructure delivery); Value Platform International Services Ltd (vocational training) and Acadia Technologies (Shenzhen) Co. Ltd. (smart grids and microgrids).

Nkwocha added that, “the Federal Ministry of Works also signed an MoU with China Harbour Engineering Company Ltd for the construction of the Lekki Blue Seaport contract at the Lekki Free Trade Zone in Lagos.

“Vice President Kashim Shettima, who is representing President Bola Ahmed Tinubu at the Belt And Road Initiative Forum in Beijing, China, today witnessed the event, which also had the Ministers for Foreign Affairs, Power, Works and other top government officials present.

“The Vice President who commended all stakeholders and their Chinese counterparts said Nigeria has never been this ripe and ready for businesses to thrive in.

“He said with the painstaking efforts by the Tinubu administration to ensure a level playing ground for all investors following the removal of all bottlenecks, the coast is now clear for deepened economic and trade collaborations.”