‘Nigeria receives $30b investment fund from China’

‘Nigeria receives $30b investment fund from China’

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Nigeria has received over $30 billion in investment commitments and 300 expressions of interest from different Chinese companies within the last five months to boost bilateral relationship.

The Director General Nigeria-China Partnership, Joseph Olasunkami Tegbe broke the news  during the Digital Asset Markets Strategy Masterclass Series’  in Lagos.

He added that the both countries would soon sign a pact on ‘Digital RMB’ to enable a direct conversion of Naira to Chinese Yuan, thereby reducing the country’s dependency on the Dollar.

“This is in furtherance to the transition of Nigeria’s relationship with China from a trade relationship to a mutually-beneficial development partnership,” he said.

He emphasized the objectives of the Nigerian-China Strategic Partnership to drive infrastructure development, scale up investments from China, strengthen Nigerian-China trade and economic relations.

He added that the partnership aims to also promote knowledge and economic transparency, and also advance cultural exchanges between the two nations.

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Lagos State Governor Babajide Sanwo-Olu, said that the state was set to monetise idle assets and raise a green bond to fund infrastructural development within the state which will make them the first sub-national to do so.

Represented by the Commissioner of Finance, Abayomi Oluyomi, Sanwoolu added that Lagos state is developing a securitisation policy to monetise and liquefy its idle assets to finance the state’s infrastructure needs.

Earlier in his address, the Masterclass Convener, Dr Nicholas Okoye noted that the digital transformation driving the fourth industrial revolution has touched every industry and is projected to create monumental fortunes for wealth-conscious investors, institutions, Nations, and sub-nationals.

“The most strategic ecosystem of this digital transformation has got to be ‘Digital Asset Markets, which includes investment in cryptocurrencies as well as the tokenisation (digitisation) of traditional asset classes.

“The proposed full adoption of ‘Digital Asset Markets’ in Nigeria’s capital markets and subsequently across Africa is going to be a game changer for wealth creation and economic growth sustainability. In addition, it will completely redefine the future of African finance, investment and capital market industries,” he said.

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