Home BUSINESS Nasarawa state to receive $1billion Chinese investment

Nasarawa state to receive $1billion Chinese investment

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A Chinese staff of Tongyi
A Chinese staff of Tongyi

The General Manager, China Public Procurement, Mr Yong Shubo, on Thursday told the Nasarawa State Government of his commitment to invest about one billion dollars to develop the state in the next 5 years.
This was contained in a statement signed by Alhaji Ahmed Tukur, Chief Press Secretary to Gov. Umaru  Tanko Al-Makura, wherein he said the Chinese government would execute the projects through Tongyi Allied Mining Limited Group.

In the statement it was said that the partnership would fast track the construction of its proposed Cargo Airport in Lafia. The statement added that the gesture of the Chinese firm would also facilitate the construction of an industrial district in the state.

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“The general manager of the Chinese firm disclosed this while addressing newsmen after an interaction with Gov. Al-makura and other top government officials in Lafia.

“The industrial district will accommodate industries, especially smelting plant, to generate power, using the abundant coal and iron deposits in the state.

“The Chinese firm has agreed to take advantage of the newly built Karu International Market to construct a shopping mall and other facilities to augment the state government’s effort in boosting the economy of the state,” it stated.

The statement said the market was capable of creating over 100,000 jobs with a multiplier effect subsequently.

In the statement, “China will invest in the areas of power generation, mining, airport, job creation and road construction.

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Earlier, Gov. Tanko Al-Makura expressed confidence in the firm, owing to its record in other countries.

Al-Makura said that the collaboration with the Chinese investors would open up frontiers of investment opportunities and create wealth for the state.

Tongyi Allied Mining Ltd  was established in 1997. It was headquartered in Romania, and its subsidiaries are throughout Europe, Asia and Africa.

In Europe, the company has subsidiaries in Romania, Bulgaria, Hungary, Czech Republic, Italy, and Poland.

Since 2008, it has  invested more than 200 million US dollars in Nigeria and established Nigeria Tongyi Allied Mining Ltd. which specializes in mining.

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At present, Tongyi Allied Mining Ltd. is headquartered in Abuja, with offices in  Lagos, Bauchi, Plateau, Zamfara, Ogun and Ebonyi.

The mining sites of the company are located in  Zamfara, Katsina, Bauchi, Plateau, Ebonyi, Kaduna, Niger, Nasarawa and Taraba.

Source: Thenews Mag

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