A consortium of Chinese business men under the aegis of One Belt One Road Funds Management Company Ltd (OBOR) arrived the country is set to invest in the nation’s economy by opening businesses.
Earlier, the company signed Memorandum of Understanding (MoU) with the Federal Government and some governors of the North Central states during President Muhammadu Buhari’s visit to China, Daily Sun reports.
The group, led by its Chairman, Mr. Rujun Yuan, and its core managers, was accompanied by the Nigerian High Commissioner to China, Mr. Orevba Olusola, newly appointed OBOR Director of Liaison in Nigeria and President, Blue Diamond Logistics, China, Mr. Festus Mbisiogu. Six Memoranda of Understanding (MoU) were signed between both countries. OBOR was in Nigeria, having discovered potential investment opportunities in such areas as housing, agriculture, petroleum, power, rail, road and infrastructure.
OBOR is a private international investment company that funds government projects all over the world. The first port of call was the Chinese Embassy where they were received by the Charge D’ affaires after which the group moved to Federal Mortgage Bank (FMB), and the acting Chairman/ CEO, Dr Richard Esin, was on hand to welcome them.
Esin, in his welcome address, said government was ready to partner with OBOR in the provision of affordable housing for millions of Nigerians. He noted that there is 17million housing deficit in the country with more than four million applications from individuals and corporate organisations waiting for response. He assured the company of government’s commitment towards meeting the housing needs of Nigerians. According to Esin, $5billion loan from the World Bank was almost secured for this purpose.
He restated government’s commitment to building 30,000 homes across the 36 states of the federation and the Federal Capital Territory (FCT). He said: “The Minister of Power, Works and Housing, Mr. Babatunde Fashola, plans to concession 40 major roads to fasttrack development in the country”.
On his part, Yuan promised that Nigerians would be shocked by the innovation his company would bring to the housing sector through partnering with the bank.
He revealed plans to engage a foremost construction and manufacturing company, Shanghai Engineering and Construction Company Nig. Ltd, to establish all building materials production line in the country to make cost of building materials cheap as this would accelerate affordable housing for all Nigerians in line with the goal of the present government.
