FG Targets $5.7bn China Investment Deal to Boost Power, Mining and Manufacturing

Nigeria’s Federal Government is intensifying efforts to secure a $5.7bn China investment deal aimed at transforming key sectors of the economy, including power, mining and industrial manufacturing. The Federal Ministry of Finance disclosed on Monday that negotiations are ongoing as part of a broader push to attract strategic foreign direct investment into productive industries.

According to the ministry, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, received a high-level delegation from GCL Group in Abuja. The delegation was led by Orji Uzor Kalu, marking a significant step in talks expected to unlock billions of dollars for large-scale development projects across the country.

The proposed investments are expected to span energy generation, local mineral processing and industrial production. Government officials say the projects could result in new factories, expanded electricity capacity and improved mineral value chains — developments that could generate thousands of jobs while boosting exports and reducing Nigeria’s reliance on raw material exports.

The talks are also closely aligned with economic reforms under President Bola Ahmed Tinubu. The ministry noted that the engagement reflects rising investor confidence in Nigeria’s economic direction, particularly as the administration pushes structural reforms designed to stabilise the economy and encourage long-term capital inflows.

Although specific project details were not disclosed, officials emphasised that the $5.7bn China investment deal supports Nigeria’s broader strategy of shifting from raw exports to domestic production. For many Nigerians, the success of the negotiations could signal more reliable power supply, stronger industrial capacity and new employment opportunities — key pillars for sustainable economic growth.

source: punch