The Federal Government of Nigeria has secured an investment commitment from China National Chemical Engineering International Corporation Ltd (CNCEC) for the development of the $20 billion Ogidigben Gas Project. This collaboration, in partnership with Nigerian stakeholders, will be structured through a redefined funding partnership.
The commitment was conveyed to the Director-General of the Nigeria-China Strategic Partnership (NCSP), Mr. Joseph Tegbe, who is currently leading a delegation to China to promote Nigeria’s investment opportunities.
A press statement issued on Monday highlighted that Mr. Tegbe held strategic discussions with Professor Justin Lin Yifu, a renowned economist and former World Bank Director. Professor Lin pledged his support for the NCSP in the areas of policy implementation, reforms, and the attraction of Chinese investments.
The CNCEC President, Mr. Li Zhenyi, expressed his company’s strong desire to contribute to Nigeria’s economic growth through industrialization and support for the Ogidigben Gas Project. Mr. Tegbe acknowledged CNCEC’s technical expertise and previous accomplishments, emphasizing President Bola Tinubu’s commitment to prioritizing Nigeria’s major developmental projects to accelerate the nation’s industrialization.
Mr. Tegbe’s visit is part of the Forum on China-Africa Cooperation (FOCAC) projects coordination and investment drive, aiming to review priority FOCAC projects, explore innovative funding mechanisms, and attract substantial Chinese investments into Nigeria.
In Beijing, the delegation met with representatives from China EXIM Bank and China Development Bank to discuss the expedited execution of priority projects. The team also visited the headquarters of China Communications Construction Company (CCCC), touring a 2.5 million eggs-per-day poultry farm. This visit assessed the feasibility of replicating such projects in Nigeria using innovative funding models like Build-Operate-Transfer (BOT).
The delegation proceeded to Xinjiang to engage with TBEA, China’s leading power transmission enterprise, discussing investment opportunities in mini and microgrid solutions to enhance Nigeria’s power sector.
In Shanghai, the delegation visited the Nigerian Consulate, where discussions focused on expanding trade and investment opportunities between the two regions. The team also toured the Yangshan Deep-Water Port, the world’s largest port, constructed by China Harbor Engineering Company, the same firm behind Nigeria’s Lekki Deep Sea Port. This visit underscored China’s engineering prowess and explored potential lessons for Nigeria’s infrastructure projects.
The delegation is expected to continue its engagements in Shenzhen and Guangzhou, facilitating the implementation of FOCAC projects through familiarization and feedback sessions with key Chinese economic players.
The statement concluded that the ongoing visit aligns with President Bola Tinubu’s vision for Nigeria’s economic growth, emphasizing infrastructure development, technology transfer, and job creation through strengthened bilateral relations with China.
