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Chinese investments in Nigeria worth $1.7bn

03 April 2014, 17:25

Lagos - Chinese investments in Nigeria currently stand at about $1.79 billion.

 Liu Kan, the Consul-General of the Peoples Republic of China in Nigeria, 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.

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 percent in 2013 and projected to increase to 7.3 per cent in 2014.

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.

Muda Yusuf, Director General, Lagos Chamber of Commerce and Industry, also pledged his chamber's support towards facilitating business partnerships between the two countries.

-  NAN

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