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South China Morning Post
24-03-2025
- Business
- South China Morning Post
Nigeria courts Chinese investment as interest booms in oil, gas and bigger opportunities
Nigeria is actively courting Chinese investment with the establishment of a dedicated office to streamline partnerships just months after President Bola Tinubu's return from Beijing. Advertisement In September, the Nigerian president attended the Forum on China-Africa Cooperation (FOCAC) in Beijing and carried out a state visit to China, and since then more than 200 Chinese companies have expressed interest in investing in Nigeria. It followed the signing of the Nigeria-China relationship agreement last year, with 74 of those companies specifically focused on the oil and gas industry. According to a statement by Jaafaru Yakubu, chairman of Nigeria's House of Representatives Committee on Nigeria-China Relationship, on March 5, the shift was 'signalling a major boost for the sector'. 01:42 Nigeria opens new China-funded seaport in bid to drive economic growth Nigeria opens new China-funded seaport in bid to drive economic growth While China obtains oil from sources closer to home, such as from Russia, observers note that its growing engagement with Nigeria is driven by broader opportunities, including infrastructure projects and access to the West African nation's large market. Historically, little of Nigeria's oil and gas has been refined domestically, 'so this is probably an area where value can be added to Nigeria's exports, and relatively easily', according to Lauren Johnston, a specialist in China-Africa relations and associate professor at the University of Sydney's China Studies Centre. Until recently, Nigeria has relied heavily on imported refined petroleum products despite the country being Africa's largest oil producer. But the recently built mega Dangote oil refinery – owned by Africa's richest man, Aliko Dangote – can process 650,000 barrels of oil a day. Advertisement For now, China is less dependent on Nigeria's oil overall since it buys from closer markets such as Russia and the Middle East, according to Johnston.
Zawya
07-03-2025
- Business
- Zawya
Is China's growing Zimbabwe alliance key to its bigger plans for southern Africa?
In Beitbridge, a border town in southern Zimbabwe, a mega industrial park that will eventually produce electricity, chromium-based materials and steel products is taking shape amid a major minerals rush in the southern African nation. The US$3.6 billion plan to build Palm River Energy Metallurgical Industrial Park in the province of Matabeleland South is being led by one Chinese firm – Xinganglian (Shanxi) Holding Group, which aims to exploit abundant reserves of coal, iron ore, and chrome and position Zimbabwe as a major steel producer. The project will cover 5,163 hectares (12,758 acres) within a special economic zone incorporating mining, power generation, coke production and steel manufacturing. It is expected to be built in five phases over 12 years. Zimbabwe has become a key resource destination for China as companies continue to seal deals to establish mineral processing operations, including steel plants, at a time when such industries face decline in other countries, such as neighbouring South Africa. The scope of the investments suggested that China had chosen Zimbabwe as its inaugural steel and chrome industrialisation zone in Africa, according to Lauren Johnston, a China-Africa specialist and associate professor at the University of Sydney's China Studies Centre. 'This makes sense. Zimbabwe has a rich human capital and natural resource endowment,' Johnston said.
South China Morning Post
28-02-2025
- Business
- South China Morning Post
Is China's growing Zimbabwe alliance key to its bigger plans for southern Africa?
In Beitbridge, a border town in southern Zimbabwe, a mega industrial park that will eventually produce electricity, chromium-based materials and steel products is taking shape amid a major minerals rush in the southern African nation. Advertisement The US$3.6 billion plan to build Palm River Energy Metallurgical Industrial Park in the province of Matabeleland South is being led by one Chinese firm – Xinganglian (Shanxi) Holding Group, which aims to exploit abundant reserves of coal, iron ore, and chrome and position Zimbabwe as a major steel producer. The project will cover 5,163 hectares (12,758 acres) within a special economic zone incorporating mining, power generation, coke production and steel manufacturing. It is expected to be built in five phases over 12 years. Zimbabwe has become a key resource destination for China as companies continue to seal deals to establish mineral processing operations, including steel plants, at a time when such industries face decline in other countries, such as neighbouring South Africa The scope of the investments suggested that China had chosen Zimbabwe as its inaugural steel and chrome industrialisation zone in Africa, according to Lauren Johnston, a China-Africa specialist and associate professor at the University of Sydney's China Studies Centre. Advertisement 'This makes sense. Zimbabwe has a rich human capital and natural resource endowment,' Johnston said.
