SINO-Nigeria bilateral trade hit $4.3 billion in 2007, thereby making Nigeria an important trading partner of for Eastern country in Africa.

A document obtained by the News Agency of Nigeria (NAN) from the Ministry of Foreign Affairs, stated that China's investment in Nigeria stood at $3 billion.

It also gave the breakdown of the financial agreement concluded during President Yar'Adua's visit to include $500 million concessionary loan for projects to be identified by Nigeria.

It stated further that a balance of $2 billion loan was currently placed under public-private sector partnership.

The document said that insurance cover for the project would be provided by a Chinese company with the Nigerian government only providing guarantee when necessary.

It also involved a linkage of oil blocks to the EXIM Bank facility removed and a grant of $7.2 million for the construction of four rural schools in Nigeria.

Others are the construction of a hospital in Abuja to be facilitated by a $4.2 million grant and a grant of $25 million for the construction of China-Nigeria friendship Cultural Centre in Abuja.

The document also gave the breakdown of the agreement signed under the private sector cooperation to include $2 billion deal with Dangote Group and Sinoma Engineering of China on cement production.

Also, the ZTE Corporation of China entered into a non-binding deal totalling $600 million for the configuration of a security communications system for Nigeria. ZTE also agreed to provide the security system for Abuja and Lagos through a $5 million grant.

Source: Guardian