China Agrees To Finance Ajaokuta-Kaduna-Kano Pipeline Project
At the rate Nigeria is going, in the next couple of years, it would be hard to see any reasonable infrastructure project that was not built by China or Dangote.
Already Nigeria is building several infrastructure, from transport to telecoms, and now China is stepping in to provide much-needed financing for oil and gas project.
The China National Petroleum Corporation, CNPC has assured Nigeria of its unflinching commitment towards securing funding for the financing and execution of the Ajaokuta-Kaduna-Kano (AKK) pipeline project.
The Nigerian National petroleum Corporation (NNPC) disclosed this in a statement signed by its Spokesman, Mr Ndu Ughamadu, in Abuja on Monday.
It said that CNPC gave the assurance to the Corporation Group Managing Director Dr Maikanti Baru during a high-level meeting between the NNPC and CNPC Management held on the sidelines of the Forum on China-Africa Cooperation (FOCAC) Summit in Beijing, China.
Speaking on behalf of over six CNPC subsidiaries at the meeting, the Assistant President and Board Member of the CNPC, Mr Wang Shihong, said his company placed a very high premium on the AKK Project, describing it as the beginning of several collaborations between both corporations.
“We are in full support of Nigeria’s quest to deliver the AKK project. We are working relentlessly towards securing funding for the project based on regulations and policies of Chinese financial institutions,” Shihong stated.
He added that the CNPC cherished its relationship with the NNPC and pledged to fully support his company’s subsidiary, CPP Bureau, partner in the AKK Project, to ensure success of the initiative.
Responding, Baru said that the AKK Project was dear to Nigeria, adding that while at the FOCAC Summit, President Buhari reiterated the potentials of the project to strengthen Nigeria-China relations.
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