Home Business Chinese investments in Nigeria worth $1.7bn – Consul-General

Chinese investments in Nigeria worth $1.7bn – Consul-General


LAGOS – Mr Liu Kan, the Consul-General of the People’s Republic of China in Nigeria, on Tuesday said that Chinese investments in the country were 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.

According to him, 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.

Mr 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.

“It has one of the world’s busiest container ports recording about 410 container liners weekly to about 500 destinations worldwide.

“It also recorded four million tonnes of air cargo output in 2013,” he said.

Ms Sola Oworu, Lagos State Commissioner of Commerce, had earlier reiterated the state government’s commitment toward attracting foreign investments for the economic development.

Oworu said that Lagos State Government had invested in rail and water ways projects to ease the problems of goods transportation.

She said that the establishment of Lekki Free Trade Zone had created business growths and employment opportunities.

Mr Muda Yusuf, Director General, Lagos Chamber of Commerce and Industry, also pledged his chamber’s support towards facilitating business partnerships at the event.

The News Agency of Nigeria (NAN) reports that delegates from Hong Kong based companies dealing in textile, haircare, electronics and household products were at the event. (NAN)

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