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A US$2 billion Memorandum of Understanding (MoU) for new projects has been signed by the National Agency for Science and Engineering Infrastructure (NASENI) with three Chinese partners.
The Office of the Vice-President’s Senior Special Assistant to the President on Media and Communications, Mr. Stanley Nkwocha, announced this development in a statement made on Thursday in Abuja.
The signing of these MoUs was presided over by Vice-President Kashim Shettima, who was standing in for President Bola Tinubu at the Belt and Road Initiative Forum in Beijing, China.
Several senior government figures, including the ministers of foreign affairs, power, and works, attended the ceremony, according to a report published by the Nigerian business news agency, Nairametrics. It was noted that the deal was signed with respect to China’s commitment to infrastructure development in Nigeria via the Belt and Road Initiative.
The Belt and Road Initiative (BRI), also known as One Belt, One Road in China, is a global infrastructure development project established by the Chinese government in 2013 to invest in over 150 nations, of which Nigeria is a part.
Nigeria became a part of this initiative back in 2018, when then-president, Muhammadu Buhari decided to sign the agreement. The deal is designed to procure infrastructure investments in projects such as the construction of skyscrapers, bridges, railroads, roads, dams, airports, and the like. The statement issued during the 3rd Belt and Road initiative reads, “As Nigeria continues to reap heaps and bounds of dividends from the ongoing 3rd Belt And Road Initiative (BRI), NASENI) and three Chinese partners have signed Memoranda of Understanding (MoUs) for new projects valued at US$2 billion.” – Business Insider Africa
The statement also adds, “Another US$4 billion is the worth of letters of intent for new projects and investments. This is just as the Federal Ministry of Works also signed an MoU with China Harbor Engineering Company Ltd.. for the construction of the Lekki Blue Seaport contract at the Lekki Free Trade Zone in Lagos.”
Alhaji Khalil Halilu, Executive Vice-Chairman and Chief Executive Officer of NASENI, further stated that the achievement of these agreements reflects the organization’s commitment to supporting the Tinubu administration’s efforts to promote foreign direct investment.
He stressed the importance of the event by saying, “This is a very important day for us at the National Agency for Science and Engineering Infrastructure because it is a day to show the results of some of the work that we have been doing in the last six weeks since I assumed the leadership of NASENI.” Business Insider Africa
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