Here’s why Nigeria recently inked a $2 billion deal with Chinese partners

The National Agency for Science and Engineering Infrastructure (NASENI) and three Chinese partners have signed an agreement worth $2 billion for new projects.This news was reported in a statement released on Thursday in Abuja by Mr. Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice-President. Vice-President Kashim Shettima, who was filling in for President Bola Tinubu at the Belt and Road Initiative Forum in Beijing, China, oversaw the signing of these memoranda of understanding. According to a report from the Nigerian business news service Nairametrics, the ceremony was attended by a number of senior government officials, including the ministries of foreign affairs, power, and works. The statement issued during the 3rd Belt and Road initiative reads, “As Nigeria continues to reap heaps and bounds of dividends from the ongoing 3rd Belt And Road Initiative (BRI), NASENI) and three Chinese partners have signed Memoranda of Understanding (MoUs) for new projects valued at $2 billion.” The statement also adds, “Another $4 billion is the worth of letters of intent for new projects and investments. This is just as the Federal Ministry of Works also signed an MoU with China Harbor Engineering Company Ltd.. for the construction of the Lekki Blue Seaport contract at the Lekki Free Trade Zone in Lagos.”