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China advices Nigeria to tap into $43.5bn 

Increases Silk Road Fund by $14.5 billion

By Vera Samuel Anyagafu & Prince Okafor

The government of the Peoples’ Republic of China has urged the Federal government of Nigeria to tap into its $43.5 billion fund to enhance the nation’s economic growth.

This is even as the Chinese government increased its Belt and Road Initiative (BRI) Fund by 100 billion Yuan ($14.5 billion), following the global acceptance of the Initiative.

According to China Consul General to  Nigeria, Mr Chao Xialiang, China is also urging Nigeria to benefit from the fund in as much as the country appear eager and working hard to diversify its economy and attract more investment.

He also pointed out, at a presentation entitled: ‘The Belt and Road Initiative: Equal and Inclusive Development,’ the fact that China is actively promoting international industrial capacity cooperation with its neighbours and relevant countries, such as Nigeria, by financial cooperation, experience and technology-sharing for common development.

He said “Considering our highly complementary development strategies, the deepened cooperation between China and Nigeria has a great chance to spark chemical reaction and make us greater. The BRI offers an ideal platform and framework to Nigeria in conducting cooperation, not only with China, but also, with all participating countries.”

Continuing, he added, “Through the platform of BRI, Nigeria can obtain more opportunities to strengthen its infrastructure, diversify its economy and integrate itself into the world economy. With more initiatives, efficiency, willingness and proper forms of participation, Nigeria can take advantage of the BRI as a strong driving force to help realise its own development strategy”, noting that the round-table summit issued a joint communique and a list of deliverables.

“The list contains altogether 76 major outcomes, which include over 270 more specific projects. The outcomes are in the forms of MOUs, agreements, action plans between Chinese government and relevant foreign governments and international organisations, or between companies and other institutions like think-tanks, and between non- governmental organisations, as well.

China unilaterally committed to do a number of things, such as increasing the Silk Road Fund by $14.5 billion, allowing for $43.5 billion to be used as financing for businesses”, Xialiang submitted


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