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 Posted: Sat Apr 12, 2008 5:01 am Post subject: China to Pledge as Much as $50 Billion in Investment in Nige |
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China to Pledge as Much as $50 Billion in Investment in Nigeria
Nigeria Today
31st March '08
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 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.
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