I am happy to note that Nigeria’s partnership with China through #FOCAC has resulted in the execution of critical infrastructure projects valued at more than $5 billion, over the last three years.
We have completed and flagged off West Africa’s first urban rail system, valued at $500 million, in Abuja. Before then was the 180km rail line that connects Abuja and Kaduna, completed and commissioned in 2016, and running efficiently since then.
Nigeria is currently leveraging Chinese funding to execute $3.4 billion worth of projects at various stages of completion: upgrading of airport terminals, the Lagos – Kano rail line, Zungeru hydroelectric power project, and fibre cables for our internet infrastructure, and others
Less than 3 months ago, Nigeria signed an agreement for an additional $1billion loan from China for additional rolling stock for the newly constructed rail lines, as well as road rehabilitation and water supply projects.
Let me use this opportunity to address and dispel insinuations about a so-called Chinese ‘debt trap’. These vital infrastructure projects being funded are perfectly in line with Nigeria’s Economic Recovery & Growth Plan. Some of the debts, it must be noted, are self-liquidating.
Nigeria is fully able to repay all the loans as and when due, in keeping with our policy of fiscal prudence and sound housekeeping.
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