Chinese investments in Nigeria worth $1.7bn

Xi Jinping

China President Xi Jinping

Chinese investments in Nigeria worth $1.7bn
Chinese investments in Nigeria worth $1.7bn

Liu Kan, Consul-General of the Peoples Republic of China in Nigeria, has said that Chinese investments in Nigeria is about 1.79 billion dollars.

Kan disclosed this at a Chinese-Nigeria business networking event and seminar organised by the Hong Kong Trade Development Council (HKTDC) in Lagos.

He stated that bilateral business relations between the two countries have resulted in foreign direct investments in various sectors of the economy. “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 creation of jobs in Nigeria. We have been actively involved in the manufacturing, retail and agricultural sectors of the economy,” he said.

Kan commended the Federal Government for creating enabling environment for foreign businesses to thrive, while calling for the protection of Chinese entrepreneurs’ safety in the country.

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Perry Fung, the Regional Director, Middle East and Africa, HKTDC, said that China had been able to satisfy world’s growing demands for consumer goods.

“China’s Gross Domestic Product has grown rapidly in recent years, increasing to 7.1 per cent in 2013 and projected to increase to 7.3 per cent in 2014. It also contributed 25 per cent of global GDP in 2013,” he said.

Fung said that Hong Kong was a destination point for entrepreneurs seeking investment opportunities and business partnerships in China and Asia as a whole.

“Hong Kong has been rated as the number one free economy in terms of business investment. It accounts for 61.6 per cent China’s cumulative outward Foreign Direct Investments being the second largest stock market in Asia and sixth in the world.”

Sola Oworu, Lagos State Commissioner of Commerce, said the state government’s commitment toward attracting foreign investments for the economic development. She added that Lagos State Government had invested in rail and water ways projects to ease the problems of goods transportation.

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