The world’s second largest economy and the most populous country on earth, The Peoples Republic of China, is teaming up with the most populous Black nation and the second fastest growing economy on the African continent, Nigeria in what has been described as a formidable economic partnership that is bound to shape the future and character of Asia-Africa relations.
In the past one decade, China has made significant in-roads with huge investments into the economies of some African countries, thereby altering the balance of trade which was hitherto largely controlled and dominated by the Western powers from Europe and America. Nigeria did not however feature prominently in that equation, until now; that is!
Come July 10th-12th, 2013 Nigeria and China will cement their economic partnership as President Goodluck Ebele Jonathan, GCON leads a High-Powered Nigerian delegation on State Visit to the Communist country where not less than 8 Memoranda of Understanding (MOU) and Loan Agreements would be signed to fund critical infrastructure development projects in the country.
Topping the list of Agreements where pen will be put on paper is the Chinese EXIM Bank loan deal with the Federal government to fund the construction of Zungeru Power Plant and four new, ultra-modern International airport terminals by the Ministry of Aviation in Abuja, Lagos, Port Harcourt and Kano. All necessary documentation has been completed and the Agreements are among the many to be signed during the State Visit of President Jonathan to China.
Other MOUs and Loan Agreements expected to be equally signed and discussed are for the funding of Power Projects, particularly the Transmission projects and the Lagos-Ibadan Standard Gauge Rail project. Also to feature prominently in the schedule of the President will be the discussion on road projects, Oil and Gas infrastructure as well as cooperation in the area of Trade and Investment.
Perhaps,most importantly will be the bilateral discussion on the need to have a paradigm shift to focus more on investment as against loan negotiations and consolidation of cultural ties between the two continental giants through Agreements on Training and Language exchange Programmes. Specifically, China is to build a Cultural Centre in Abuja, the Federal Capital Territory (FCT) to facilitate cultural integration between the two nationalities.
Currently, Chinese companies are building roads across the country at the contract sum of $1.7 billion. Their stake in crude oil production is also expected to rise from the current 20,000 to 200,000 bpd by 2015.
President Jonathan will be accompanied on the epoch-making State Visit by top government functionaries including the Honourable Minister of Aviation, Princess Stella Adaeze Oduah, Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, Petroleum Resources Minister, Mrs Deziani Allison Madueke, their FCT, Trade and Investment and Transport counterparts, Bala Mohammed, Olusegun Aganga and Sen Idris Umar respectively, amongst others.