President Buhari's recent visit to China Yielding fruits

President of Nigeria, President Muhammadu Buhari's recent visit to China has already started yielding fruits. One of the gains of his recent visit is the signing of an agreement between Innoson Group and Chinese firms to invest $1 billion into Nigeria's Information Technology sector of the economy.

President Mohammadu Buhari

On Tuesday the 25th of October, The Vice president, Prof Yemi Osinbajo would receive Chinese investors led by Liu Baoju, Deputy Minister of Communist Party of China in Shandong Province, who is also the Chairman of Shandong Broadcasting Group and Shandong Cable Interactive Services Ltd. Mr Liu Baoju is also being accompanied by Haung Gang, Senior Vice President of Inspur Group.

According to Mr. Cornel Osigwe, Public Relations and Media Assistant, Innoson group, $400 Million would be used for Digital Satellite TV Station and $600 million would channelled towards other important sectors.

Mr Osigwe highlighted the benefits of the investment;

• assist the Federal Government to meet its June 2017 deadline for the transition from Analog to Digital broadcasting services.
• Job creation of over 5000 jobs in the Innoson group Set-Top-Box complex in Nigeria within the next two years.
• Job creation of about 2000 jobs by Innoson Bing DTH Television operation across Nigeria within the first two years.
• Nigeria will become a manufacturing hub for Set-Top-Box in Africa with the attendant benefit of earning foreign exchange through exports from Innoson manufacturing complex.
• Innoson Group would put into use its biggest plastic industry at Enugu by locally manufacturing most of the plastic components of the Set-Top-Box thereby saving cost.
• Bing TV project will engage the almost under utilised Nigeria Communication Satellite (NIGCOMSAT) situated at Obasanjo Space Centre in Abuja with numerous benefits of saving foreign exchange by  buying into Nigeria available goods and services, instead of engaging foreign satellite and transponders.
• providing adequate National security using cloud computing technology to secure our country against insurgency, militancy, kidnapping and and all other forms of dangerous crimes.

 It would be recalled that in April, President Buhari said some agreements were signed with some Chinese investors which would have a positive impact on key sectors of the economy including power, solid minerals, agriculture, housing and rail transportation.

He said;

In the power sector, North South Power Company Limited signed an agreement valued at $478,657,941.28 for the construction of 300 mega watts, solar power in Shiroro, Niger State.
In the solid minerals sector, Granite and Marble Nigeria Limited and Shanghai Shibang signed an agreement valued at $55m for the construction and equipping of granite mining plant in Nigeria.
A total of $1 billion is to be invested in the development of a greenfield expressway for Abuja-Ibadan-Lagos under an agreement reached by the infrastructure bank and Sinohydro Corporation Limited.

Currently Nigeria is in economic recession and there has been wide spread lamentations across the country. Inflation  rose 17.9% in September from 17.6% in august. Unemployment is at 13.3% in Q2.

Nigeria at this time needs many foreign investors to invest  in the economy. Meanwhile there is great shortage of foreign currencies in Nigeria which has led to crippling of many manufacturing industries.

The Federal Government of Nigeria has drawn a road map to move away from oil and diversify the economy, create jobs, tackle corruption, security, provide infrastructure such at power, roads.  I believe providing the enabling environment and promoting made-in-Nigeria goods, ailing industries would be revived, foreign investors would be attracted to Nigeria and this will ultimately boost the economy of Nigeria.