China urges Nigeria to tap into $43.5bn Silk Road Fund
By Adetutu Folasade-Koyi
Buoyed by global acceptance of its Belt and Road Initiative (BRI), The Peoples Republic of China has increased the Silk Road Fund by 100 billion Yuan ($14.5 billion), allowing for 300 billion RMB Yuan ($43.5 billion) to be used as financing for businesses.
China’s Consul General in Lagos, Mr. Chao Xiaoliang, disclosed this in a presentation entitled: “The Belt and Road Initiative: Equal and
China is also beckoning on Nigeria to benefit from the Fund in as much as the country “is eager and working hard to diversify its economy and attract more investment.
Xiaoliang reiterated that China is actively promoting international industrial capacity cooperation with its neighbours and relevant countries by financial cooperation, experience and technology-sharing so as to achieve common development.
“Considering our highly complementary development strategies, the deepened cooperation between China and Nigeria has a great chance to spark chemical reaction and make us greater.
“The BRI offers an ideal platform and framework to Nigeria in conducting cooperation, not only with China, but also, with all participating countries.
“Through the platform of BRI, Nigeria can obtain more opportunities to strengthen its infrastructure, diversify its economy and integrate itself into the world economy. With more initiatives, efficiency, willingness and proper forms of participation, Nigeria can take advantage of the BRI as a strong driving force to help realise its own development strategy.”
The Belt and Road Forum (BRF) for International Cooperation held between May 15-17, in Beijing, the country’s capital, and it was attended by 30 Heads of states or heads of governments, leaders from over 70 international organisations and 1,500-plus representatives from more than 130 countries.
Xiaoliang disclosed that the round-table summit issued a joint communique and a list of deliverables.
“The list contains altogether 76 major outcomes, which include over 270 more specific projects. The outcomes are in the forms of MOUs, agreements, action plans between Chinese government and relevant foreign governments and international organisations, or between companies and other institutions like think-tanks, and between non governmental organisations as well. China unilaterally committed to do a number of things, such as increasing the Silk Road Fund by $14.5 billion, allowing for $43.5 billion to be used as financing for businesses.
In his speeches at the event, President Xi Jinping pointed out that there are many positive developments and changes and adjustments as well as numerous possibilities that come with advances in science and technology on the one hand, and the serious economic and other problems and challenges on the other hand, especially the deficits in peace, growth and governance.