China, which is increasingly looking to Africa for oil and other natural resources, is offering Nigeria:
Loans to help fund airport terminals in four cities, roads, a light-rail
line for its capital, a hydropower plant and oil and gas
infrastructure.
Jinping said both countries had been brought together by a common task of national development. He said: “As a proverb of Nigeria reads, ‘A man cannot sit down alone to plan for prosperity.’”
Jonathan, on a four-day trip to China, has in his entourage about a dozen of his cabinet ministers including those for petroleum resources, trade and transport, as well as governors, senior government officials and businesspeople.
Following a meeting between the two Presidents, representatives from both countries signed five deals, including a lending agreement between China’s Import-Export Bank and the Nigerian Finance Ministry for the expansion of the airport terminals and an economic and technical cooperation pact.
Finance Minister, Dr. Ngozi Okonjo-Iweala, said the loans being finalised during this trip were part of $3 billion approved by China at interest rates of less than three per cent.
Chinese companies are already building roads across Nigeria in contracts worth $1.7 billion.
China’s demand for crude oil produced in Nigeria is expected to rise tenfold to 200,000 barrels a day by 2015, according to the Federal Government delegation.
Zhang Chun, an expert on Africa at the Shanghai Institute of Foreign Studies, said Nigeria was important to China because it had the largest economy in West Africa and because it had oil. He said: “There is great potential for developing cooperation in this field.”
China has become the world’s third-largest country doing mergers and acquisitions in Africa, favouring the oil and gas sector, according to a report by international law firm, Freshfields Bruckhaus Deringer released on Monday.
Meanwhile, Minister of State 1, for Foreign Affairs, Prof. Viola Onwuliri, said in Abuja yesterday that the President’s visit to China was discussed at the Federal Executive Council, FEC, meeting.
She expressed the importance of the trip to the country’s economic development in terms of attracting Direct Foreign Investment.
Responding to the issue that the President was not received on arrival in Beijing by his Chinese counterpart, Minister of State 1, for Foreign Affairs, Prof. Viola Onwuliri, said there was nothing wrong for Jonathan to be received on arrival in Beijing by China’s Vice Minister of Foreign Affairs, Mr. Li Yucheng.
She explained that in international relations, there are certain arrangements put in place for specific purposes, claiming that China didn't look down on Nigeria, considering its position in Africa.
Jinping said both countries had been brought together by a common task of national development. He said: “As a proverb of Nigeria reads, ‘A man cannot sit down alone to plan for prosperity.’”
Jonathan, on a four-day trip to China, has in his entourage about a dozen of his cabinet ministers including those for petroleum resources, trade and transport, as well as governors, senior government officials and businesspeople.
Following a meeting between the two Presidents, representatives from both countries signed five deals, including a lending agreement between China’s Import-Export Bank and the Nigerian Finance Ministry for the expansion of the airport terminals and an economic and technical cooperation pact.
Finance Minister, Dr. Ngozi Okonjo-Iweala, said the loans being finalised during this trip were part of $3 billion approved by China at interest rates of less than three per cent.
Chinese companies are already building roads across Nigeria in contracts worth $1.7 billion.
China’s demand for crude oil produced in Nigeria is expected to rise tenfold to 200,000 barrels a day by 2015, according to the Federal Government delegation.
Zhang Chun, an expert on Africa at the Shanghai Institute of Foreign Studies, said Nigeria was important to China because it had the largest economy in West Africa and because it had oil. He said: “There is great potential for developing cooperation in this field.”
China has become the world’s third-largest country doing mergers and acquisitions in Africa, favouring the oil and gas sector, according to a report by international law firm, Freshfields Bruckhaus Deringer released on Monday.
Meanwhile, Minister of State 1, for Foreign Affairs, Prof. Viola Onwuliri, said in Abuja yesterday that the President’s visit to China was discussed at the Federal Executive Council, FEC, meeting.
She expressed the importance of the trip to the country’s economic development in terms of attracting Direct Foreign Investment.
Responding to the issue that the President was not received on arrival in Beijing by his Chinese counterpart, Minister of State 1, for Foreign Affairs, Prof. Viola Onwuliri, said there was nothing wrong for Jonathan to be received on arrival in Beijing by China’s Vice Minister of Foreign Affairs, Mr. Li Yucheng.
She explained that in international relations, there are certain arrangements put in place for specific purposes, claiming that China didn't look down on Nigeria, considering its position in Africa.
Please....if you know Nigeria's position in Africa, apart from size, kindly tell us.
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