Bauchi Signs $1bn Investments Deal with China

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  • Bauchi Signs $1bn Investments Deal with China

Bauchi State Government has signed a $1 billion memorandum of strategic cooperation on investment potential relating to agriculture, solid minerals and tourism as well as another MoU on the establishment of 100MW solar power project with Chinese investors.

The state Governor, Mohammed Abdullahi Abubakar, while signing the MOU at the Government House in Bauchi wednesday said China is “easily the most viable and reliable friend Nigeria has,” adding that President Muhammadu Buhari has expressed the same sentiment about China.

He said the two memoranda of strategic cooperation on investment potential was signed by the state government with the China-Africa International Cooperation Economic Preparatory Committee.

While thanking the Chinese investors for the giant strides, the state governor said with the signing of the memoranda, history is being made in the state, pointing out that “with the saturation of businesses in Lagos, Kano and Port Harcourt, the next destination to look for business opportunities is Bauchi.”

He explained that “Bauchi State is the right destination for investors with the unprecedented endowment of mineral resources,” assuring them that Bauchi is committed to the full implementation of the two memoranda.

The team under the China- Africa International Cooperation Economic Preparatory Committee would bring economic investments to Bauchi state to create a better future for the state.

The Chinese Team Leader, Mr. Liang, said the team was in Bauchi in continuation of a memorandum of understanding on investments in Nigeria signed in China by President Buhari and Chinese leaders, stressing that it is to cooperate with government to develop Bauchi into “the fastest growing state in Nigeria,” with the cooperation.

Liang said the team is in the state to invest in power, agriculture, mining, education and tourism “to improve the lives of the people of the state” and sought the support of the people of state in the execution of the projects.

The Nigerian team leader, Captain Mohammed Joji, explained that the team, which is set to invest $20 billion in Nigeria, is devoting $1 billion to Bauchi State.

Under the memorandum of understanding, the Chinese investors would provide 70 percent of the resources, while the state government provides the remaining 30 percent, the statement added.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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