FOCAC: Nigeria eyes $60bn China assistance to Africa
A delegation from Nigeria yesterday left for Beijing, China, for the coordinators’ meeting on the implementation of the follow-up actions of the Johannesburg Summit of the Forum on China Africa Cooperation (FOCAC).
The delegation, led by the minister of Budget and National Planning, Senator Udoma Udo Udoma, is expected to discuss at the meeting modalities for accessing a part of the $60 billion China Africa Fund.
A statement from Udoma’s media adviser, Akpandem James, revealed that Nigeria recently developed a short list of projects which the team to China would be discussing at the FOCAC coordination meeting in Beijing during the week.
The Chinese government had pledged a $60 billion assistance to African countries to develop and grow their infrastructural and human development capacities, out of which $35 billion was set aside for concessionary loans, $10 billion for the China Africa Fund for Production capacity while $5 billion each is earmarked as no-interest grants for China Africa Development Fund and special loan for the development of Small and Medium-Scale Enterprises (SMEs).
The FOCAC summit held in Johannesburg in December, 2015, identified 10 critical areas of cooperation between China and African countries, including Nigeria.
President Muhammadu Buhari’s visit in April this year further bolstered Nigeria’s participation in the 10 critical areas which covers industrialisation, agricultural mechanisation, infrastructure development, financial cooperation, green development, trade and investment facilitation, poverty reduction, public health, cultural and people-to-people exchange and peace and security.