China to increase investments in Nigeria
China intends to increase its investments in Nigeria, West Africa’s most populous nation, the Bloomberg news service has said.
Officials of the two countries have held discussions about China increasing investments in Nigeria’s electricity and oil industries, two most challenging sectors of the country’s economy.
Citing Nigeria officials the report said further investment in power transmission and generation and in oil exports were discussed.
China is also helping to repair the rail system and develop communication satellites for Nigeria, the ministry said.
China is increasing its investment in African energy and minerals to feed its growing economy. In 2008, the country invested $7.8 billion in the continent. At a summit in November, China said it will offer $10 billion in preferential loans to Africa over the next three years to develop infrastructure and social programs. It also plans to write off the debt of some of the poorest nations, the report said.
By Emmanuel K. Dogbevi
China intends to increase its investments in Nigeria, West Africa’s most populous nation, the Bloomberg news service has said.
Officials of the two countries have held discussions about China increasing investments in Nigeria’s electricity and oil industries, two most challenging sectors of the country’s economy.
Citing Nigeria officials the report said further investment in power transmission and generation and in oil exports were discussed.
China is also helping to repair the rail system and develop communication satellites for Nigeria, the ministry said.
China is increasing its investment in African energy and minerals to feed its growing economy. In 2008, the country invested $7.8 billion in the continent. At a summit in November, China said it will offer $10 billion in preferential loans to Africa over the next three years to develop infrastructure and social programs. It also plans to write off the debt of some of the poorest nations, the report said.
By Emmanuel K. Dogbevi