China Harbour Engineering signs $1bn Nigerian contract

China Harbour Engineering Co signed a US$1 billion contract with the African Finance Corporation to build a road around the Nigerian city of Port Harcourt, Reuters reported. The agreement by one of China’s leading engineering firms will create a 125-km, six-lane ring road around the city, the hub of Nigeria’s oil industry. State Grid Corporation of China is also expected to be involved in the project, and will upgrade power generation, transimission and distribution systems in the area. In a report issued last week, the World Bank estimated that China’s funding for infrastructure in Africa reached US$7 billion in 2006, up from $1 billion in 2003.