Chinese investment in Nigeria balloons to nearly $2bn with over 40 firms present

Chinese investment in Nigeria balloons to nearly $2bn with over 40 firms present

Posted by Sylvester on Thursday, April 3, 2014 0

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CHINESE investment in Nigeria has soared to a total sum of $1.79bn as the increasing arrival of companies has boosted the number of investors to 40 making the Asian giant one of the country's biggest economic partners.

Revealing these figures yesterday in Lagos at a Chinese-Nigeria business networking seminar, Liu Kan, China's consul-general to Nigeria, said commerce between the two countries is booming. Yesterday's seminar organised by the Hong Kong Trade Development Council (HKTDC), was aimed at boosting bilateral trade between the two countries.

Mr Kan said: “Both countries have entered into mutually beneficial trade agreements which have created rapid development of the Nigerian economy. There are currently more than 40 Chinese companies that have been playing positive roles in the satisfaction of demand and the creation of jobs in Nigeria.

"We have been actively involved in the manufacturing, retail and agricultural sectors of the economy.” He commended the federal government for creating an enabling environment for foreign businesses to thrive, while calling for the protection of Chinese entrepreneurs’ safety in Nigeria.

Perry Fung, HKTDC's  regional director for Middle East and Africa, added that China had been able to satisfy world’s growing demands for consumer goods. he pointed out that Hong Kong was a destination point for entrepreneurs seeking investment opportunities and business partnerships in China and Asia as a whole.

Mr Fung added: “China’s gross domestic product has grown rapidly in recent years, increasing by 7.1% in 2013 and projected to increase by 7.3% in 2014. It also accounted for 25% of global GDP in 2013.

 “Hong Kong has been rated as the number one free economy in terms of business investment. It accounts for 61.6% of China’s cumulative outward foreign direct investments, being the second largest stock market in Asia and sixth in the world.”

Sola Oworu, the Lagos State commissioner of commerce, used the occasion to reiterate  the state government’s commitment towards attracting foreign investment for the economic development. She added that the Lagos State government had invested in rail and waterways projects to ease the problems of goods transportation.