HomeBUSINESSNASENI and Three Chinese Companies Sign MoUs Worth $2 Billion

NASENI and Three Chinese Companies Sign MoUs Worth $2 Billion

This is a great move that indicates a new era of innovation and collaboration, the National Agency for Science and Engineering Infrastructure (NASENI) has inked a $2 billion memorandum of understanding with three distinguished Chinese partners. 

This monumental agreement was disclosed in a statement by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, Office of the Vice-President.

The Belt and Road Initiative Forum in Beijing, China bore witness to this historic signing, where Vice President Kashim Shettima, representing President Bola Tinubu, took the helm. The event was graced by the presence of luminaries, including key government officials such as the Ministers of Foreign Affairs, Power, and Works.

The statement released highlighted the immense benefits Nigeria is reaping from its involvement in the ongoing 3rd Belt and Road Initiative. 

NASENI and its three Chinese partners have formalized memoranda of understanding for new projects with a massive value of $2 billion. But that’s not all; an additional $4 billion worth of letters of intent for fresh projects and investments have been set in motion.

In an exciting development, the Federal Ministry of Works also made its mark by signing an MoU with the prestigious China Harbor Engineering Company Ltd. The agreement sets the stage for the construction of the much-anticipated Lekki Blue Seaport at the Lekki Free Trade Zone in Lagos.

NASENI’s extensive list of MoUs with its Chinese counterparts includes Shanghai Launch Automotive Technical Co Ltd, poised to be an energy-electrifying-edge facility for the production of new energy-electric vehicles. 

And finally, Newway Power Technology Company Ltd brings its expertise to the table with an MoU for the transfer of technology in lithium batteries, electric vehicles, and related technologies.

Khalil Halilu, the Chief Executive Officer of NASENI, enthusiastically expressed that these agreements represent the agency’s unwavering commitment to advancing the Foreign Direct Investment initiatives of the Tinubu administration. A momentous step towards progress, innovation, and economic growth, these partnerships hold the promise of a brighter future for Nigeria.



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