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The
deal between the Chinese state-owned CNCEC and the BFI Group, a
major investor in the Aluminum Smelter Company of Nigeria, is
expected to revive the 135 million standard cubic feet gas
processing facility plant at the smelter. It was announced
Tuesday by Nigeria's minister of state for gas via a post on the
social platform X.
Minister of State for Gas Ekperikpe Ekpo expressed optimism
about the “significant investment,” stating that it would
position the smelter “back on the path to becoming a leading
aluminum producer for both domestic and international markets.”
Nigeria and China’s economic relationship deepened in 2016, when
the administration of former President Muhammadu Buhari visited
Chinese President Xi Jinping and signed a number of agreements.
Since then, Chinese companies have been contracted to build
railways and provide infrastructure in Africa’s most populous
country.
Despite being a major oil producer in Africa, Nigeria has some
of the world’s highest poverty and hunger levels.
President Bola Tinubu, who took office last year, initiated
reforms to reduce government spending and attract foreign
investment. However, the country continues to face economic
challenges, including a 28-year high inflation rate. Its
currency, the naira, is at record lows against the dollar.
Many Nigerians have taken the streets in recent months to
protest against the economic hardship they say is caused by the
reforms. In August, at least 20 protesters were shot dead and
hundreds of others were arrested.
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