Nigeria signs $20 billion manufacturing and energy contract with China.

The Director General of the Nigeria-China Strategic Partnership, Joseph Tegbe, has disclosed that Nigeria has secured over $20bn in investment commitments from China, aimed at transforming key sectors of the Nigerian economy.

Tegbe said the investments are channelled into critical sectors such as agriculture, automotive manufacturing, steel, energy, and mining, adding that they are part of ongoing efforts to fast-track Nigeria’s industrial revival through deepened collaboration with Chinese business leaders.

In a statement on Friday from the NCSP, Tegbe said the $20bn commitment was secured through a series of engagements following the recent elevation of Nigeria-China relations to a Comprehensive Strategic Partnership.

He added that the investments will begin rolling out later this year.
The statement partly read, “Following the elevation of Nigeria-China relations to a Comprehensive Strategic Partnership and the establishment of the NCSP, Nigeria has recorded significant milestones in key sectors.

“Recent engagements have secured over $20 billion in investment commitments, focusing on critical sectors such as agriculture, automotive manufacturing, mining, steel production, and energy. These investments are set to boost food security, create jobs, and drive a new wave of industrial development in the country.

“These are not just promises. We are looking at tangible projects that will create jobs, boost food security, enhance power generation, and reposition Nigeria as a major manufacturing hub in Africa.”
Nigeria’s National Commission for Strategic Partnerships (NCSP), established to manage its engagement with China under the Forum on China-Africa Cooperation, is focusing on leveraging partnerships beyond formal agreements to achieve transformative economic results.
The NCSP aims to efficiently implement FOCAC projects and reactivate Nigeria’s industrial and manufacturing base. It is also working to open up Chinese and Asian markets to Nigerian-made products, diversifying exports and creating value-added supply chains. The NCSP aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, prioritizing economic diversification, local production, and industrial competitiveness.

Source: punch

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