Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Nigerian President Goodluck Jonathan speaks in Abuja on February 12, 2013/AFP


Investment tops agenda as Nigerian president visits China

Nigerian President Goodluck Jonathan speaks in Abuja on February 12, 2013/AFP

Nigerian President Goodluck Jonathan speaks in Abuja on February 12, 2013/AFP

BEIJING, July 10 – Nigerian President Goodluck Jonathan met his Chinese counterpart Xi Jinping in Beijing on Wednesday on a visit focused on boosting trade between Asia’s powerhouse economy and Africa’s biggest oil producer.

Jonathan was accompanied by 19 of his top government officials on the trip, as he attempts to tie up a series of deals on Chinese investment in major Nigerian infrastructure projects.

“(China) has a very robust economy and that is why when I was coming, I came with quite an amount of cabinet ministers and very senior government functionaries,” he told Xi as the pair met at Beijing’s ornate Great Hall of the People.

Chinese companies are involved in a massive road building project in Nigeria worth $1.7 billion.

Talks between Jonathan and Xi are also expected to cover some $1.3 billion worth of Chinese loans for power plant and airport projects, and funding for railways and oil and gas infrastructure.

Beijing is also showing increasing interest in Nigeria’s oil industry, and is expected to increase its demand from the current 20,000 to 200,000 barrels per day by 2015.

“Both China and Nigeria are now working hard to accelerate our respective development,” Xi said, at the welcome ceremony held indoors due to heavy rain in the Chinese capital.

China has invested heavily in African nations in recent years in its search for natural resources and markets for its goods.

It has had mixed success in Nigeria, particularly concerning oil, where Western firms such as Shell and ExxonMobil continue to dominate.

Oil accounts for some 80 percent of government revenue in Nigeria.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...