Chinese Investment in Nigeria hits $8.4 billion

Yonghua Ding, the Head of the Political and Press Section at the Chinese Embassy, on Thursday, said the Asian giant’s investment in Nigeria is about $8.4 billion.

Ding explained the investments, which were in telecommunications, agriculture, oil and gas and power, among others, hit the figure in 2011.

He added that trade between both countries had reached the 10.7 billion mark, a 40 per cent increase over the figure for 2010.

According to him, the bulk of the trade was recorded in the wholesale and retail sectors.

The envoy said the balance of trade was in China’s favour because Nigeria’s main export was oil, which accounted for only 1 per cent of the trade.

“China is interested in agriculture and solid mineral products, we hope to explore these areas and have more exports from Nigeria.”

He commended the cordial relations between both countries, adding that China had simplified its visa procedure to facilitate trade for Nigerian businessmen.

“Those who meet the necessary requirement are issued visa within a week; these are part of measures to boost economic cooperation between both nations.”

Nigeria and China signed the Investment Promotion and Protection Agreement and Avoidance of Double Taxation Agreement in 2001 and 2002 respectively.

Reference: http://www.businessdayonline.com/NG/index.php/markets/investor/38387-chinese-investment-in-nigeria-hits-84-billion