Ok, I am really left speechless. I opened this thread so that we can keep track of this grotesquely large amount of money being injected into Nigeria. Any news articles, projects e.t.c to do with this matter should please be posted on this thread.

CHINA TO INVEST $50 BILLION IN NIGERIA

March 27 (Bloomberg) -- A Chinese delegation will visit Nigeria next month to pledge as much as $50 billion in investment for the African nation's infrastructure, said Nigerian Finance Minister Shamsuddeen Usman.

The delegation is coming in the first week of April with a ``very comprehensive package'' for the power industry, Usman said in a speech today in the commercial city of Lagos.

Nigeria, Africa's largest oil producer and most populous nation, is facing an energy crisis resulting in prolonged power outages and fuel shortages because of inadequate investment in infrastructure.

The lower chamber of the country's parliament is investigating why billions of dollars spent over the past eight years on building emergency power plants failed to produce results. President Yar'Adua in January said his predecessor, Olusegun Obasanjo, spent about $10 billion on the emergency power projects.

``What this economy needs is a massive investment,'' Usman said, adding that some European countries were also planning to invest. He didn't give details. Nigeria needs to add 50,000 megawatts of generating capacity over the next 10 years, compared with the 3,000 megawatts it currently produces, he said.

This is huge...really huge. $50 Billion? There is something the Chinese are seeing that our old and stupid colonial master can not see in a million years time. Britain is the worst thing to happen to Nigeria :bash::bash::bash::bash:. They Nurtured Corruption, Nurtured electoral malpractices and Were indirectly involved in the sacking of the second republic Government. Believe me on this.:ohno::ohno::ohno:

No investment from them...all they do is sit down in westminster, apportion blames and steer troubles in Nigeria. In as much as I am against colonisation, sometimes I wished the US were our Colonial Masters. Think about it.

Before I deviate....thumbs up and Cheers to the Chinese!!!:cheers::cheers::cheers::cheers::cheers::cheers:

This is huge...really huge. $50 Billion? There is something the Chinese are seeing that our old and stupid colonial master can not see in a million years time. Britain is the worst thing to happen to Nigeria :bash::bash::bash::bash:. They Nurtured Corruption, Nurtured electoral malpractices and Were indirectly involved in the sacking of the second republic Government. Believe me on this.:ohno::ohno::ohno:

No investment from them...all they do is sit down in westminster, apportion blames and steer troubles in Nigeria. In as much as I am against colonisation, sometimes I wished the US were our Colonial Masters. Think about it.

Before I deviate....thumbs up and Cheers to the Chinese!!!:cheers::cheers::cheers::cheers::cheers::cheers:

Yea and it's because of them God built hell and flooded mankind, they caused fire and brimstone to rain from the skies too. Abeg, make we hear word jo! Let's leave the past colonial crap behind and focus on 2008.

This is huge...really huge. $50 Billion? There is something the Chinese are seeing that our old and stupid colonial master can not see in a million years time. Britain is the worst thing to happen to Nigeria :bash::bash::bash::bash:. They Nurtured Corruption, Nurtured electoral malpractices and Were indirectly involved in the sacking of the second republic Government. Believe me on this.
Well, they did give you one thing which I think will definitely be an advantage to Nigeria: The English language. :) If you doubt me, ask the Indians. :)

Yea and it's because of them God built hell and flooded mankind, they caused fire and brimstone to rain from the skies too. Abeg, make we hear word jo! Let's leave the past colonial crap behind and focus on 2008.

As for you pappy, Let the truth be told. You have to see beyond your nose.


Well, they did give you one thing which I think will definitely be an advantage to Nigeria: The English language. :) If you doubt me, ask the Indians. :)

What stupid english language? English Language was an imposition not a gift. We had to speak a language afterall.

The Development is making a headway and an MOU have been signed. It is an exciting development!

China, Nigeria Sign $50b MOU On Infrastructural Development

REPRIEVE may not be long in coming to the nation's pitiable infrastructure as China has promised to help out with about $50b (six trillion naira).

The fund according to the Finance Minister, Dr. Shamsudeen Usman is to help rehabilitate the nation's contemptibly poor infrastructure.

Already, a Memorandum of Understanding (MOU) has been signed between the Africa Finance Company (AFC) on the one hand; and the Managing Directors of Zenith Bank, Oceanic Bank and First Bank on the other on behalf of other Nigerian financial institutions with the Chinese Export Credit Guarantee Agency called SINOSURE for the purpose.

The Finance Minister made this known at a briefing yesterday in Abuja.

"This is the money that they will make available to any private sector or public sector arrangement. The way they want it utilized is that it is not likely to be money that the government will borrow so that

Nigerians will not be afraid that we have gone to bring back the debt that has been repaid. It is funds that will be made available through Nigerian companies to be able to participate in the funding of infrastructure in Nigeria,'' the Minister explained yesterday.

He also said that Beijing has also converted commercial credit worth $2.5 billion contracted under the immediate past administration to concessionary loans.

The development is the outcome of a recent visit by

President Umaru Musa Yar'Adua to that country, the Finance Minister added.

In another development, Usman yesterday said the

Chinese Government was desirous of investing in the Nigerian oil corporation and would soon be making a foray into Abuja for an investment survey.

The minister explained that the positive development was the outcome of a new wave of partnership the nation was cultivating in the Asian region.

"First of all, I think it is important to understand that the President's trip to China was extremely successful because it brought out framework for strategic relationship between Nigeria and China.

This relationship was agreed upon. We have got our traditional partners, mostly Europe and the United

States. What we are trying to do now is to cultivate some new strategic partners who seem to be much more willing to actually engage positively with Nigeria especially in terms of addressing key infrastructural constrains that we have,'' Usman stated.

The Minister revealed that under the previous administration, the Chinese government had extended basically two facilities totalling $2.5bn to Nigeria.

The first part of the facility, he said, was a

$0.5b which was supposed to be more concessionary, because it was a government to government lending, while there was another $2bn facility granted by the Chinese bank, both amounting to $2.5bn.

"Since Nigeria left the Paris Club Debt, we have not been taking commercial loan. We insisted that any loan that Nigeria takes must be extremely concessionary.

"There is a technical formula that can be used to calculate the degree of concessionality and when we calculated for these two loans, I think it was an average of about 21 per cent which is not as high as minimum of 35 per cent that Nigeria requires to borrow.

"Part of the success of the trip was that we were able to engage the Chinese authorities and really renegotiate these loans to the level that the

concessionality in them is increase to about 38 per cent. The minimum Nigeria requires for degree of concessionality is that it must not be less than 35 per cent.

"These loans were renegotiated to the level of 38 per cent. That was a very important achievement. Clearly, we have finished with the $0.5billion. On the $2billion, we have reached substantial agreement with the Chinese authorities and anytime from now we hope that the deal can be sealed,'' he further said.

He said: "During the trip, the Minister of Petroleum had some meetings with the China National Oil Corporation to discuss any area in which they are interested in oil and gas subject to due process. We made it clear to them that whatever is done will be subject to the necessary due process.

"A delegation of the China National Oil Corporation is due to arrive in the country in the next couple of weeks to actually start engaging with our authorities in the Nigerian oil industry in order to advance the discussion.

this is the best news for Nigeria's ailing power sector in a long time.

:)

Well, they did give you one thing which I think will definitely be an advantage to Nigeria: The English language. If you doubt me, ask the Indians.

and you have forgotten one thing, the Brits gave Nigeria tremendously well-developed cities, too.... LOL

Isn´t it just amazing...one of the best streets in colonial Lagos (1951)

http://personal.ee.surrey.ac.uk/Personal/D.Jefferies/amj/nigeria-1951/02-broad-street-lagos-1951.jpg

Back to the topic: Anyway, let´s wait and see what will become out of the deal, $50bn is a hell lot of money!

Um, just because something was imposed on you does not mean it was bad.

Well anyway, sorry to get off topic. :)

Well I just wanted to make the point that cities inherited by the Brits in Naija were "trash" when compared to other cities in Africa. Nigeria had to be built almost from scratch when the Brits left.

Back to the topic

http://personal.ee.surrey.ac.uk/Pers...lagos-1951.jpg


That guy used to be a lecturer at my university.

Well I just wanted to make the point that cities inherited by the Brits in Naija were "trash" when compared to other cities in Africa. Nigeria had to be built almost from scratch when the Brits left.

Back to the topic

Thank you, I have said this before that Nigeria and Nigerians built Nigeria to where it is now and not an inheritance from some colonial masters like what obtains in some part of Africa.

This seems like a great development on the surface... but i am puzzled by the fact that there is no information on exactly what sectors the money is going to be allocated and in what time frame they are operating. Does anyone have any information with more specific?

There is news on the sectors to be invested in. I've seen articles.

Thank you, I have said this before that Nigeria and Nigerians built Nigeria to where it is now and not an inheritance from some colonial masters like what obtains in some part of Africa.

Most of the Past French African Colonies had infrastructual development when compared Anglophone Africa. I suppose the great Empire knew they were going to leave some day. French Africa built thier colonies on assimilation. Your thoughts.

As for you pappy, Let the truth be told. You have to see beyond your nose.

I see beyond my nose, infact I've been the mountain top and back.

I see beyond my nose, infact I've been the mountain top and back.

welcome back then

http://www.nigeriavillagesquare1.com/images/stories/ChinaInAfrica.jpg

^ serving your new master! Only thing...bow boy :)
African mentality will never change. Wont be long before the chinese are blamed for their voews.

^ serving your new master! Only thing...bow boy :)
African mentality will never change. Wont be long before the chinese are blamed for their voews.

It looks like History is repeating its self. I totally agree with you.:bash::bash::bash:

http://www.nigeriavillagesquare1.com/images/stories/ChinaInAfrica.jpg

Just how funny looking the arrogant Chinese and his servant officer.:ohno::ohno:

It looks like History is repeating its self. I totally agree with you.:bash::bash::bash:

Couldn't agree more.

Agreed ..... those who don't want to learn from the past are doomed to repeat it.

Nothing is repeating itself. There is too much activity in your brains.

There has always been that amount of colomentality lingering. That is what we might be seeing shadowing these investments. However these investments do not act as a catalyst to colomentality, it remains business at the end of the day.

What was colonialism in Africa. Colonialism in Africa was not the development of Africa. It was the development of Africa under the authority and ideals of the Western World. These investments are not under the authority of the Chinese, these are developments that we planned, lured investors to finance and protected with our laws. The ideals of the development are judged by our business attitude and what we want for Nigeria.

It is not Colonialism.

There is Colomentality, but that will be there whether the Chinese invest or not, it is in our minds not in their actions.

Definition of Colomentality; "The White mans ways are better etc"