Nigeria approves $652 million China Exim Bank road finance package
The financing was approved by the federal executive council chaired by President Bola Tinubu on Monday, David Umahi said in a statement.
here.
The road will be an evacuation corridor from the Lekki Deep Sea Port, the Dangote Petroleum Refinery - Africa's biggest with refining capacity of 650,000 barrels per day - and its adjoining fertiliser plant to at least a dozen southern states.
China has been providing billions of dollars in funding for power, rail and road projects in Nigeria, the continent's most populous nation and Africa's biggest oil producer.
Nigeria's debt to China - its largest bilateral creditor - stands at over $5 billion, the most recent data from the country's Debt Management Office showed.
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Nigeria govment booth for di ongoing 9th Tokyo International Conference for African Development (TICAD9) for Yokohama, Japan officially open on Thursday, 21 August, di second day of di summit. One of di tok-tok pesin to Nigeria President, Dayo Olusegun tweet on X say di kontri booth for TICAD9 now dey buzz wit activity, e don officially open and dey welcome Japanese investors as officials engage wit dia enquiries and explore fresh opportunities for trade and partnership. Earlier Bayo Onanuga, one of President Bola Tinubu media pesin bin say di booth go become fully operational and serve di delegates wey dey attend Ticad on Thursday. Im announcement bin come afta some Nigerians wey dey attend di ongoing conference wey start for Wednesday, 20 August para say Nigeria booth dey empty, and no govment official dey ground to receive investors for dat kain important conference. One of di Nigerians Idris Bello wey dey attend di conference and wey earlier complain of di empty booth for im official X account on Wednesday, also confam say di booth don open for di Japan-Africa engagement. Di empty booth for di conference bin cause plenty tok-tok for social media. One of di pipo wey im reaction strong na di presidential candidate of di Labour Party for di 2023 general elections, Peter Obi. E say di empty booths for TICAD no be just about diplomatic embarrassment, but dem be clear symbol of di hollow promises and empty governance wey Nigerian citizens dey endure. "Di empty Nigerian booths for di ongoing Ninth Tokyo International Conference, TICAD9, for Japan no just define di empty promises of dis govment for di past two years, dem also reflect di consistent emptiness wey dis govment don feed Nigerians wey dey di kontri." Peter Obi tok for im official X account. However, di presidency clear am say na di second day of di summit di booth suppose open, and di delegation schedule no include participation for one open forum trade exhibition wey hold on di first day. "Di Nigerian official delegation wey dey work wit Corporate Nigeria, wey some of our leading business leaders represent no come Yokohama and Tokyo to attend any Trade Expo, wey dey designed as an open forum for participating nations." Oga Onanuga add for statement say di Nigerian delegation to di summit, wey President Bola Tinubu, lead na to achieve results, and Nigeria dey fully and well represented and part of di essential conversations and negotiations wey dey go on for TICAD9. "Di Nigerian delegation to di summit, wey President Bola Tinubu lead dey focused on dia core objectives of achieving tangible outcomes from di scheduled lineup of bilateral and multilateral engagements wey dia target be driving optimum performance in key sectors of di economy, especially in power, industry and agriculture." E tok. Wetin be Ticad 9 and who dey attend? TICAD stand for Tokyo International Conference on African Development. Di govment of Japan don dey lead dis conference since 1993. Di ninth Ticad go hold from Wednesday 20 August to Friday 22, August for Yokohama City. For dis year, di theme di conference na to co-create innovative solutions (with Africa)" for challenges in Africa, Japan and di international community. Nigeria President Bola Tinubu dey attend di conference alongside oda African leaders. Oga Tinubu say Nigeria participation for Ticad na to "unlock $1Billion+ in trade & investment, drive green innovation & industrial growth, expand opportunities for our youth, and position Nigeria as the heart and gateway to West Africa's vast market." Di Nigeria leader add say di summit na di kontri launchpad for lasting development and global partnership wey tanda on technology, talent and trust. "Nigeria go lead, and Africa go rise." Oga Tinubu tok. Nigeria ministers wey include di Minister of Power Adebayo Adelabu, Minister of Solid Minerals Dele Alake, di Minister of Foreign Affairs, Yusuf Tuggar also dey part of President Tinubu delegation for di Ticad 9 summit. According to Oga Onanuga, Oga Adelabu go lead di pre-activation meeting to execute several power projects for Nigeria wey di Japan International Cooperation Agency (JICA) dey fund. Di Chief Executive Officer of di Bank of Industry Supe Olusi – wey also be delegate for di conference go hold high-level discussions wit di Japan International Cooperation Agency plus oda participating multilateral institutions for dia annual global fund syndication. Highlights from di ongoing Ticad 9 African leaders don appeal for Japan support during one key development for di summit. Di leaders want support to secure two permanent seats for Africa on di UN Security Council (UNSC) and increased investment in security, economy and health, African media reported. Nigerian President Bola Tinubu tell di 9th Tokyo International Conference on African Development (Ticad) say di continent deserve permanent and non-permanent seats on di UNSC as a "just and fair demand" wey go ensure unbiased representation. Eswatini King Mswati also call for two permanent UNSC seats, e say dis go boost Africa role in resolving global conflicts, Swaziland News report. Kenyan President William Ruto urge Japan to remove tariff and non-tariff barriers to allow easier entry of Kenyan agricultural exports, wey include avocados and tea, into di Japanese market. Ghanaian President John Mahama called for increased Japanese investment for im kontri, e promise "fast-track approvals, sovereign guarantees, blended financing frameworks and access to industrial sites", Ghanaian Times report. So far, African kontris and Japan don agree to strengthen cooperation in security and socio-economic sectors. Japan don promise to help di continent address dia debt palava and implement di African Continental Free Trade Area (AfCFTA). Di Ticad summit dey come for di middle of one shift in Africa partnerships wit global powers. China bin grant 53 African kontris zero-tariff market access, while di US has increase tariffs on dozens of African kontris. For di summit, President Tinubu hail di kontri Armed Forces for di war against insecurity and crimes wey dem don win, as e emphasize on im administration commitment to address di root cause of insecurity for di kontri through strengthening di govment security apparatus and di ongoing economic reforms. E describe di current momentum for di Nigerian Armed Forces as a springboard for national development and stability.
