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The Chinese Government has communicated the pressing requirement for African Governments to be autonomous of their progress, saying Nigeria, as the significant African power, is relied upon to lead a self-maintaining economy.

 

It also called attention to the way that China is profoundly inspired by keeping up a more profound cooperation with Africa, while maintaining  that African governments and firms, with inclination for small and medium scale enterprises (SMEs), including Nigeria, ought to turn out with workable arrangements to empower from the $60 billion financing support from the Chinese Government.

 

This was unveiled at a lecture for delegation of Nigerian journalists on the 'Belt and Road Initiative' in Beijing, China. 

 

As indicated by Senior Research Professor, Zhang Yong-Peng of the institute of West Asia and African Studies (WAAS) in the Chinese Academy of Social Sciences (CASS), between 2016 and 2018, the forum on China-Africa Cooperation, FOCAC, will concentrate on farming and sustenance security, with $60 billion of funding support for African nations, including Nigeria and another $40 billion pool fund made accessible for interested nations and firms in the continent, through the Maritime/Silk Road Fund. The money related support, Yong-Peng pointed out is through FOCAC, which was built up in 2000. 

 

The expert in international politics, additionally unveiled that as of now, the Chinese government has set up/built 25 Agricultural Technological Demonstration Centres (ATDC's) in Nigeria, South Africa, Tanzania, Ethiopia, Ghana, Egypt and Rwanda, expressing that, "With the FOCAC, Nigerian companies ought to come out and bid for the loans and utilization it for development." 

 

Furthermore he communicated the need for the Nigerian Government to participate in international development process and the economic take ought to be concentrated on industrialization,  trade and investment. "China is focused on advancing Africa economic take off and Nigeria, as the significant African power is relied upon to build its capacity and turn out with workable plans to meet the purpose of the Belt and Road Initiative, which aims at integrating Africa in international development process, as well as quickening its advancement technique 2030, 2063 vision". 

 

While encouraging African governments to be dynamic in making utilization of the support capital and guarantee plans as many as possible are on to get a grasp on these opportunities, he clarified how Nigeria, as a nation and SMEs can profit by the $40 billion pool fund, under the Silk Road Fund. His words, "The pool is not distributed by making an arrangement. You apply as a nation, as a local government or as an organization, expressing the amount of capital required and back it up with a business plan and what amount is required and additionally the period for the project. It will be assessed, regardless of whether it is attainable or not. If approved, you get financial support."

 

Continuing, he revealed a breakdown of the $60 billion funding support, saying that, "$5 billion is for free aid and interest-free loans; $35 billion of special loans and export credit on more favorable terms. Furthermore, $5 billion of additional capital for the China Africa Development Fund and special loand for the improvement of African SMEs each and $10 billion (starting capital) of China-Africa Production Capacity Cooperation Fund." 

 

However, in another development, Chinese President, Xi Jinping, additionally declared at the yearly meeting of the World Economic Forum, in Davos, Switzerland, that, from May 14 to 15, 2017, China will host in Beijing, the Belt and Road Forum, which is geared towards international collaboration.

 

The Belt and Road Initiative which covers more than 100 nations, aims to talk about approaches to boost cooperation, build cooperation platforms and share collaboration results with the cooperation instruments including trade, investment and cultural exchanges. Strangely, a new railway, from Lagos to Ibadan, is being built with Chinese loan yet the language barrier is a challenge, Yong-Peng submitted.

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