Nigeria Moves to Secure $10bn Chinese Infrastructure Funding

The Federal Government has taken major steps toward unlocking $10 billion in funding from China, aimed at accelerating infrastructure development across Nigeria. Following President Bola Ahmed Tinubu’s state visit to China for the 2024 Forum on China-Africa Cooperation (FOCAC) Summit, an inter-ministerial meeting was convened to fast-track the implementation of bilateral agreements reached during the summit.

Held at the Ministry of Foreign Affairs, the meeting focused on converting memorandums of understanding into tangible projects that can spur job creation, economic growth, and improved living standards. Discussions centered around China’s broader $51 billion commitment to green infrastructure across Africa, with Nigeria seeking to secure a significant $10 billion slice of that investment.

Ambassador Janet Olisa, Director of Regions at the Ministry of Foreign Affairs, chaired the session, which brought together representatives from various government ministries and agencies. She underscored the need for unified efforts to translate strategic agreements into lasting development, calling for urgent collaboration across the public sector.

Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership (NCSP), reiterated his agency’s commitment to ensuring that bilateral commitments are transformed into impactful projects. He emphasized the role of these initiatives in supporting Nigeria’s Renewed Hope Agenda and aligning with China’s Belt and Road Initiative.

The meeting identified critical barriers to progress, including Nigeria’s continued reliance on raw commodity exports. To address these, stakeholders agreed on a series of action points, such as submitting project roadmaps, reviewing agreements, forming implementation committees, and resolving outstanding discrepancies in the signed MOUs. A follow-up meeting is scheduled in two weeks to assess progress.

The Nigeria-China Strategic Partnership continues to play a vital role in driving socio-economic transformation through targeted investments and structured collaboration. The initiative aims to ensure that every Nigerian benefits from the growing ties between both countries, with a strong focus on sustainable development and economic diversification.