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Nigeria Business Council hails China ties

26 July 2013, 08:48Henry Ifeanyi

Lagos - The Chief Executive of the Nigeria-China Business Council (NCBC), Matthew Uwaekwe, commended Chinese companies for investing in the country.

Addressing journalists at an interactive session organised by the Council in Lagos, Uwaekwe welcomed a number of Memorandums of Understanding (MoUs) have been signed between the council and its Chinese counterparts.

He also welcomed the loans China had secured for companies in the West African country.

China has made available loans worth $3 billion, based on interest rates of less than 3 percent over a 15-20 year period is to build infrastructure in Nigeria.

Among projects to benefit from the loans are the Yankari Independent Power Project, several projects for improvements in the aviation industry and the Lagos State Government.

“I am happy to say that a number of Chinese companies in areas of agriculture, textile, household good etc have invested in the Nigerian economy and many are still indicating their interest to come to Nigeria," Uwaekwe said.

Nigeria and China relations date back to the 1970s.

Nigeria has since become an important source of oil and petroleum for China's rapidly-growing economy and Nigeria is looking to China for help in achieving high economic growth.

Nigeria's debt to China currently stands at $3.8 billion.

- CAJ News


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