China Disburses 9.1 Trillion Naira Industrialisation Fund To Nigeria, Others
China is consolidating its influence on Africa.
On Thursday, the country said it has disbursed over $30 billion, about 9.1 trillion naira in funding support to Nigeria and other African countries to drive its cooperation plans on industrialisation and agricultural modernisation.
The Director, Centre for China Studies, Mr. Charles Onunaiju, said the fund was part of the $60 billion pledged by China to African countries during the Forum of China-Africa Cooperation Summit, which held in Johannesburg, South Africa in December 2015.
He stated this at a seminar on Thursday in Abuja with the theme: ‘Nigeria-China relations and the prospects to realise industrial and production capacity cooperation’.
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The director explained that the fruits of the Sino-African relations could be seen all over the African continent in the areas of agricultural development, industrialisation, transportation and infrastructure development, including rail transport expansion and road construction.
He used the Abuja-Kaduna standard gauge railway line, which had been completed and already in use, as an example.
He also pointed out the ongoing construction of the Lagos-lbadan-Kano standard gauge.
“President Xi Jinping, at that forum, outlined 10 cooperation plans and provided a funding support of $60 billion. More than half of the fund has been disbursed to Nigeria and other African countries,” Onunaiju said.
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