Vice President Yemi Osinbajo meets with China's Liu Baoju in Abuja
(VenturesAfrica)
Innoson Group, the indigenous automobile manufacturer and West Africa largest plastic-processing manufacturer, is joining hands with a consortium of Chinese investors to pump in $1 billion into the Nigerian ICT sector.
On Monday, October 24, 2016, in the nation's capital, Abuja, Vice President Yemi Osinbajo received a group of Chinese investors led by Liu Baoju, a deputy minister in China's Communist Party from Shandong Province.
A set of Innoson SUV's at the Nnewi factory(federalministryofinformation)
Baoju is also the chairman of the Shandong Broadcasting Group, the world's largest TV operator.
A ThisDay report says the plan to invest the funds include a $400 million investment in Nigeria's Digital Switch Over (DSO) project by 2017 and an additional $600 million which will make its way to other sectors of the economy.
Of
the $400 million, $300 million will cover a foreign investment credit
facility that will kickstart, and sustain local production. It will also
help supply five to eight million Set-Top boxes to complement the
government's DSO project for which the Nigerian Broadcasting Commission (NBC) taking charge.
The
$100 million left will serve as a financial foreign investment and used
to establish a Direct-To-Home (DTH) Digital BING Television Station in
each state of the federation.
Innoson Group partners with Chinese firms to invest $1b in Digital TV, IT(submitarticlestoday)
Ventures Africa reports
that negotiations for another $600 million investment are already
underway. The government is also working with strategic Chinese parties
to instal CCTV cameras all over the country as well as cloud computing
solutions and other IT applications for government agencies like the Federal Inland Revenue Service (FIRS).
The
investments are expected to boost national security and tackle problems
like insurgency, militancy and other forms of state crimes.
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