Chinese Investors Pledge $70Bn Investment To Nigeria — Kachikwu

By Ikenga Chronicles October 6, 2016

Chinese Investors Pledge $70Bn Investment To Nigeria — Kachikwu

Private investors from China have pledged an additional $70Billion investment into the Nigerian economy. This was made known by the Minister of State for Petroleum, Dr. Ibe Kachikwu. Dr. Kachikwu stated this on Wednesday, after the Federal Executive Council meeting in Abuja.

Kachikwu clarified that this investment pledge is different from the one made earlier during President Muhammadu Buhari’s visit to China. According to him, the ministry’s initial investment target with China was $40bn which reresents the country’s infrastructural gap in the oil industry.

The minister stated that a 40-man business team from China will be arriving the country later this month.

“So, a lot more of work is still on the pipeline and how we would now crystallise this into actual investment, but we are encouraged by what we are receiving in terms of the distinction and the contacts. Hopefully by the end of the month when this 40-man team comes, we would be able to make substantial progress.” Dr. Kachikwu explained.

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