Udoma In Talks With Chinese EXIM Bank For Infrastructure Loan

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, has parleyed management of the Chinese EXIM Bank in Beijing, China, on development assistance to fund some critical infrastructure in the country.

Udoma, who is leading a team of top government officials to attend the Forum on China Africa Cooperation (FOCAC) in Beijing, in a statement signed by his Media Adviser, Akpandem James, noted that the appeal was coming on the heels of understanding reached between the Chinese government and President Buhari when he visited China in April.

President Buhari during a State visit in April this year reached various agreements with the Chinese government on development assistance particularly the funding of some critical infrastructure in the country.

The statement read: “Udoma is in China to attend the FOCAC Coordinators meeting. In the meeting with the Vice President of EXIM Bank of China, Yuan Xingyong, at the bank’s headquarters in Beijing, Senator Udoma said that Nigeria will appreciate the financial assistance from the Bank to enable it to execute some of the basic infrastructure projects that will drive growth, develop the economy of Nigeria and increase business partnership with its global business allies”.

It further said that Udoma held critical talks with the management of the bank to see how Nigeria can deepen the bilateral cooperation already existing between the two countries.

“Our relationship with China is very important to us, which was why our President led a big delegation on a State visit to China in April this year. We are quite impressed with the infrastructural development in China and believe that China has a lot to teach us in Nigeria; particularly we will like the support of China in the area of infrastructure development”, the statement added.

The Minister said he believes quite strongly that the rapid development of Nigeria will enable the country to be a better business partner with China as the volume of business and investments will grow bigger and better.

“We have a list of some projects, some of them we have started work and others about to start, which we had submitted to China for financial assistance.

Some of the priority projects, the President has asked me to stress include the Nigerian railway modernization projects from Lagos to Kano – (Lagos –Ibadan) and Lagos – Kano (Kano – Kaduna) which are two parts of the same project; the coastal railway project from Calabar to Lagos, the Mambilla Hydro-electric project and the Niger Delta East West road project.

“These projects are estimated to be completed in three years. Other projects which the government is interested in developing include power transmission projects, Greater Abuja Water project, Abuja Mass Transit project, Galaxy Backbone project, NTA Digitalization, expansion of Abuja Keffi road, and the dualization of the Akwanga – Keffi road”, he said.

Senator Udoma also mentioned other projects the Nigerian Government was considering such as the Presidential Initiative for the Rehabilitation of the North East and the Export Processing Zones that the Nigerian Ministry of Investments, Trade and Industry was seeking to develop to attract companies wishing to locate in Nigeria to manufacture principally for exports.