NIGERIA: Chinese President Hu Jintao arrives in Nigeria, expected to discuss access to Nigerian oil

Record ID: 236401

  • Title: NIGERIA: Chinese President Hu Jintao arrives in Nigeria, expected to discuss access to Nigerian oil
  • Date: 27th April 2006
  • Summary: HU WELCOMED BY NIGERIAN PRESIDENT OLUSEGUN OBASANJO, HANDSHAKE
  • Embargoed: 12th May 2006 13:00
  • Keywords:
  • Location: Nigeria
  • Country: Nigeria
  • Topics: International Relations
  • Reuters ID: LVA51UY2385K4LC393AFV0QLK8LJ
  • Story Text: Chinese President Hu Jintao arrived in the Nigeria capital Abuja on Wednesday (April 26) for a two-day visit, the latest stop in a world tour that has also taken him to the United States, Saudi Arabia and Morocco.
    Members of the Chinese community in Nigeria waved flags as Hu arrived, accompanied by his wife.
    Top of Hu's agenda in Nigeria is likely to be oil, as China scrambles for African commodities to fuel is explosive economic growth story.
    Nigeria will give China four oil drilling licences in exchange for a commitment to invest 4 billion U.S. dollars in infrastructure in a deal to be signed during the visit.
    Analysts say the deal would be a good fit for the two giants of Asia and Africa. China, the world's most populous nation, needs more imported oil to fuel its rapidly growing economy. Nigeria, Africa's most populous nation but also one of the world's poorest, needs infrastructure to speed development.
    The two countries have been in talks for several months. The deal involves China buying a controlling stake in Nigeria's 110,000 barrel-a-day Kaduna oil refinery and building a railroad and power stations.
    Hu is also expected to address the lower house of Nigeria's parliament, and business leaders, during his visit.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2014. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register