China invests over $16 billion in Nigeria’s telecoms sector

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By Nwakaego Alajemba

Chinese investments in Nigeria’s telecommunications sector is in excess of $16 billion, according to Minister of Communications, Dr. Abdur-raheem Adebayo Shittu in Abuja at a one-day Digital Economic Forum with the theme: ‘Africa-China Cooperation in Information Technology and Digital Economy: Prospects and Challenges.’

Shittu while commending China for allying with Nigeria on the development of the ICT sector further called for greater cooperation and investments as Nigeria remains a favourite investment market for ICT.

The event was organized by the Nigerian Institute of International Affairs and Chinese Embassy in association with Huawei Technologies.

The minister said China’s positive interest in the sector is further demonstrated by the fact that of the about $32 billion in foreign direct investment recorded in the last 15 years, China account for nearly 50% ,

“As part of that ICT ecosystem and guided by the recognition of the boundless potential of our great nation within the digital economy, Chinese companies have invested over $16 billion to date in fixed assets and facilities nationwide to build and support most network operators in the country,” said Shittu while noting Chinese strategic interests in other sectors that include the transport, rail and road construction, oil and gas.

Foreign Affairs Minister, Geoffrey Onyeama while commending China assured that Nigeria will continuously work at strengthening the relationship.

The Chinese Ambassador to Nigeria, Dr Zhou Pingjian also affirmed China’s commitment to improving g economic relationship within the framework of the Forum on China-Africa Cooperation (FOCAC). The next FOCAC summit is billed to hold in September this year in Beijing, China.


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