Nigeria benefited over $5bn from FOCAC in 3 years – Buhari
Nigeria’s partnership with China through the Forum on ChinaAfrica Cooperation (FOCAC) has resulted in the execution of vital infrastructure projects across the country, valued at over $5bn in the last three years of the current administration.
President Muhammadu Buhari stated this on yesterday iin Beijing at the FOCAC Round Table meeting, attended by African leaders and Chinese President Xi Jinping.
Highlighting specific projects under FOCAC, the President said through the Chinese support, Nigeria has impressively addressed significant challenges in the areas of infrastructure, human capacity development, power, transport, agriculture and humanitarian assistance.
‘‘For Nigeria, our partnership with China through the FOCAC platform, has resulted in the construction of the first urban rail system in West Africa. This $500m project in Abuja was commissioned in July this year,” he said.
The President, who was quoted in a statement by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, also cited the construction and operation of the first rail system in Africa that uses modern Chinese standards and technology.
“This 180km rail line that connects Abuja and Kaduna was commissioned two years ago at a cost of $500m. Today the rail line is functioning efficiently with no issues indeed, a sign that Chinese technology is world class,” he noted.
He also said that Nigeria was leveraging Chinese funding to execute $3.4bn worth of projects at various stages of completion.
These include the upgrading of airport terminals, the Lagos - Kano rail line, the Zungeru hydroelectric power project and fibre cables for our internet infrastructure.
‘‘Furthermore, less than 3 months ago, Nigeria signed an additional $1bn loan from China for additional rolling stock for the newly constructed rail lines as well as road rehabilitation and water supply projects,” he said.
‘‘I am optimistic that this Summit will offer new opportunities that would build on these past achievements,” he said.
He said Nigeria will continue to support the FOCAC initiative and also seek to key into the Belt and Road Initiative as an additional Chinese mechanism to build further cooperation in the quest for infrastructural and economic development.
He dispelled insinuations about debt trap by the the socalled Chinese government on developing countries, insisting that Nigeria would be able to repay the loans.
‘‘These vital infrastructure projects synchronize perfectly with our Economic Recovery and Growth Plan. Some of the debts incurred are selfliquidating. Our country is able to re-pay loans as and when due in keeping with our policy of fiscal prudence and sound housekeeping,’’ he said.
While applauding China for its overall commitment to the ideals of FOCAC, Buhari acknowledged that since the launch of the Forum in 2000, China and Africa had striven to implement the declarations and follow-up action plans for the benefit of both parties.