Press statement from the Presidency
Budget and National Planning Minister, Senator Udoma Udo Udoma, at the
weekend, in Beijing, made a strong case why the Chinese government
should assist Nigeria financially in funding critical major
infrastructure projects in the country. Senator Udoma who was in China
for the Coordinatorโs meeting on the implementation of the follow-up
actions of the Johannesburg Summit of the Forum on China-Africa
Cooperation (FOCAC) also used the opportunity to discuss issues of vital
economic interest with that countryโs Vice Minister for Commerce, Mr.
Qian Keming; and officials of China EXIM bank, where he stressed the
mutually beneficial relationship the two countries will eventually enjoy
if Nigeriaโs economy is assisted to grow rapidly.
At the Johannesburg Summit in South Africa in December 2015, China had
agreed to Assist African countries in ten strategic areas that will help
their economy. It pledged $60 billion in aid, grants and concessional
loans.
Nigeria is trying to get as much of the Chinese funding for projects in
the form of grants, aids, investments and loans. The loan component will
however be within the countryโs debt sustainability limits. Projects
proposed for the facility by Nigeria is in the region of about $20
billion, and the Minister said Nigeria will be in a better stead if the
Chinese government will assist with a substantial part of the funds
required.
During the various meetings, Senator Udoma stressed the need for special
consideration for Nigeria given its strategic relationship with China,
its economic potentials, and its capacity to redeem its part of the
transaction obligations.
The Minister said following the meetings, both countries expressed
satisfaction with the proposals and are very anxious to take proceedings
to the next level.
During the Cooperation meeting attended by ministers from various
countries in Africa, Chinaโs President Xi Jinping said the meeting was
an important step taken by China and Africa to implement the consensus
of Chinese and Africa leaders and the outcomes of the FOCAC.
โIt is a significant measure to boost China-African cooperative
development. The meeting demonstrates to the world once again that no
matter how the international landscape may change, the resolve of China
and Africa to pursue unity and win-win cooperation will never changeโ,
Jinping said.
The President noted that the weak performance of the world economy
brings both opportunities and challenges to the economic development of
China and Africa. โWe must stand shoulder to shoulder and march forward
hand in hand,โ he admonished.
In his keynote speech, Chinaโs State Councilor, Yang Jiech,
explained that his country initiated the meeting at this time โto take
stock of the delivery of summit outcomes, to align our thinking, built
consensus, overcome challenges and difficulties, share experience and
promote cooperation, so that we can pool the wisdom and strength of both
sides and give a leg up to the implementation workโ.
At the plenary session, Chinaโs Foreign Minister, Wang Yi, was pleased
that both China and the African countries have attained a high level of
implementation of the outcomes of the summit, have acted promptly to
take forward the five pillars and ten plans of cooperation and have made
substantial progress in enhancing friendly and mutually beneficial
cooperation across board.
He added that China has delivered on its commitments and made every effort to advance follow-up actions.
Akpandem James
Media Adviser to the Hon Minister
