Africa Biz Construction and Business News
Nigeria to Receive $328M from China for ICT Infrastructure
September 4, 2018
President Muhammadu Buhari of Nigeria will be signing a historic financing agreement with Chinese President Xi Jinping this week, to support building Nigeria’s nationwide Information and Communication Technology Infrastructure Backbone Phase 1 (NICTIB 11) project.
The project is part of Nigeria’s commitment to putting nationwide ICT into place in the country on a much larger scale than ever before. It is part of the National Economic Recovery and Growth Plan (ERGP) the country has put together for its future planning.
The project agreement signing will bring together Huawei Technologies Limited of China and Galaxy Backbone Limited of Abuja, Nigeria, to make the new project a reality.
The signing is just part of many initiatives to be agreed upon as part of President Buhari’s visit to Beijing. He arrived for a six-day visit starting September 2, to attend the Summit of the Forum on China-Africa Cooperation (FOCAC). While there, the Nigerian President and President Xi will be signing off on a Memorandum of Understanding (MoU) regarding the One Belt One Road Initiative (OBOR), as it relates to bringing together long-term development plans of both countries.
While in China, the Nigerian delegation will be signing off on at least 25 other MoUs with China and its various organizations. These include projects proposed by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigerian National Petroleum Corporation, and the Nigerian Investment Promotion Commission. There are also other meetings planned to further detail and expand a formal Nigeria-China comprehensive strategic partnership plan beginning in 2019 and running through 2021.
President Xi, President Buhari and other African leaders present for the FOCAC event will also use the meeting time to review what are being referred to as the “ten cooperation plans” for the group. Those plans were agreed on since the last FOCAC meeting in 2015. During the same event, the group will also likely be approving the Beijing Declaration and the Action Plan for the development of China-Africa cooperation.
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