Nigeria’s planned $20 billion Ogidigben Gas Project in Delta State will get backing from China National Chemical Engineering International Corporation Ltd. (CNCEC), marking a major turning point in the two countries’ bilateral economic relations.
The company’s willingness to participate in the project was demonstrated by CNCEC President Li Zhenyi through reorganised funding and strategic alliances with Nigerian players.
His comments were made at a high-level meeting with the Nigeria-China Strategic Partnership (NCSP) delegation in Beijing, which was headed by Joseph Tegbe, the NCSP’s Director-General.
“Our organisation is committed to helping Nigeria industrialise and grow economically,” Zhenyi said, restating CNCEC’s larger pledge to assist Nigerian President Bola Tinubu’s national development agenda.
The Forum on China-Africa Cooperation (FOCAC) framework, which seeks to improve infrastructure development, investment, and strategic alliances throughout Africa, is in line with the NCSP delegation’s visit.
Finding creative funding sources and accelerating important development projects have been the delegation’s main goals. Meetings with significant Chinese financial institutions, such as China Development Bank and China Exim Bank, looked at ways to deliver Nigeria’s top infrastructure priorities.
The delegation visited a plant that produces 2.5 million eggs per day at the China Communications Construction Company (CCCC) headquarters, and they also visited TBEA, a leader in power transmission systems. Opportunities to address Nigeria’s ongoing power issues using tiny and micro-grid energy systems were brought to light during discussions with TBEA.
Prominent economist and former World Bank director Prof. Justin Yifu also provided advice to the team on policy changes and methods for luring Chinese investment to Nigeria. Prof. Yifu promised to back NCSP’s initiatives to build a strong foundation for economic cooperation.
It is anticipated that the Ogidigben Gas Project, one of Nigeria’s biggest energy ventures, will strengthen the nation’s standing as a major participant in international energy markets while promoting economic diversification and job development.
