Nigeria Receives Investment from Chinese Firm On Ogidigen Gas Project
The federal government has received a commitment from a Chinese firm, China National Chemical Engineering International Corporation Ltd (CNCEC), to support the development of the $20 billion Ogidigben Gas Project in a restructured funding partnership with Nigerian stakeholders.
The commitment was given to the Director-General of the Nigeria-China Strategic Partnership (NCSP), Joseph Tegbe, who is currently leading a team to China to market Nigeria and its investment opportunities.
A press statement on Monday read that Tegbe held strategic sessions with renowned Economist and former World Bank Director Prof Justin Lin Yifu, who pledged support for the NCSP office in implementing policies and reforms and attracting Chinese investments.
The Director General delegation was also hosted by China National Chemical Engineering International Corporation Ltd (CNCEC), whose President Li Zhenyi, expressed his company’s commitment to contributing to Nigeria’s economic growth through construction and industrialization, specifically their strong desire to support the development of the $20 billion Ogidigben Gas Project in partnership with other Nigerian stakeholders in a restructured funding partnership.
The Director-General acknowledged CNCEC’s technical capabilities and previous accomplishments and also reiterated President Bola Tinubu’s bold and audacious support for the major developmental projects across Nigeria as a national priority to fast-track the nation’s industrialization.
Tegbe’s visit to China was part of the Forum on China-Africa Cooperation (FOCAC) projects coordination and investment drive. He has continued to engage strategically with key Chinese stakeholders to deepen bilateral cooperation. The visit aimed to review priority FOCAC projects, explore innovative funding options, and attract major Chinese investments into Nigeria.
In Beijing, the Director-General met with representatives from China EXIM Bank and China Development Bank to discuss accelerated delivery of priority projects. The delegation also visited the China Communications Construction Company (CCCC) Headquarters, where they toured a 2.5 million eggs-per-day production poultry farm, a visit to the firm aimed at assessing the feasibility of replicating similar projects in Nigeria using innovative funding models, such as the part contractor-financed, BOT, among others as recently adopted in other China financed projects.
During the visit, the delegation moved to Xinjiang, where they visited TBEA, the number one electricity corporation in China and a leading power transmission enterprise. They discussed the status of their project and explored investment options and opportunities in mini and micro-grid solutions to enhance Nigeria’s power sector.
The delegation’s next stop was Shanghai, where they made a courtesy call to the Nigeria Consulate. There, they engaged in productive discussions about trade and investment opportunities in the region. These conversations focused on facilitating growth in key areas and exploring ways to enhance cooperation between the Consulate’s trade mission and the Director-General’s office.
The delegation thereafter visited the impressive Yangshan Deep-Water Port, also known as Shanghai Port. This massive port is currently the largest in the world and was constructed by China Harbor Engineering Company, which also constructed the Lekki Deep Sea Port in Nigeria. The port
boasts an incredible capacity of 51 million twenty-foot equivalent units (TEUs). During their visit, the delegation had the opportunity to cross the remarkable 35-kilometre bridge, specifically designed to evacuate men and materials from the port. This bridge is a testament to China’s impressive engineering capabilities.
According to the statement, before leaving China, the delegation is expected to engage key players in the Chinese economy in Shenzhen and Guangzhou to facilitate and fast-track FOCAC project implementation through familiarization and feedback sessions with the relevant participating companies.
The statement added that “the ongoing visit is part of the Nigeria-China Strategic Partnership’s efforts to strengthen bilateral relations and promote economic cooperation between the two nations, an initiative that aligns with President Bola Tinubu’s vision for Nigeria’s economic growth and development, particularly in areas such as infrastructure development, technology transfer, and job creation.”
