China to Invest $1b in Bauchi

By Dipo Olowookere

A deal for an investment worth $1 billion has been completed between the Bauchi State government and China.

The deal, according to a statement by Mr Abubakar Al-Sadique, the Press Secretary to Governor Mohammed Abdullahi Abubakar, will cover agriculture, solid minerals and tourism.

Mr Al Sadique further said the Chinese investors are also planning to establish 100MW solar power project in the state to boost power generation.

Under the memorandum of understanding, the Chinese investors would provide 70 percent of the resources, while Bauchi state government provides the remaining 30 percent, the statement explained.

“With the saturation of businesses in Lagos, Kano and Port Harcourt, the next destination to look for business opportunities is to look in places like Bauchi.

“Bauchi State is the right destination for investors with the unprecedented endowment of mineral resources,” Governor Abubakar said.

The Governor expressed optimism that the deal signed with the China-Africa International Cooperation Economic Preparatory Committee, will bring development to the state.

Leader of the Chinese team, Mr Liang, explained that they were in Bauchi in continuation of a memorandum of understanding on investments in Nigeria signed in China by President Muhammadu Buhari and Chinese leaders.

Leader of the Nigerian team, Captain Mohammed Joji, explained that the team was set to invest $20 billion in Nigeria and is investing $1 billion in Bauchi State.