LCCI, CABC Seek To Strengthen Nigeria-China Economic Ties
Posted: 27/Jan/2022

The Lagos Chamber of Commerce and Industry, on Wednesday, signed a Memorandum of Understanding with the China Africa Business Council in a partnership aimed to strengthen economic ties between China and Nigeria.

Speaking during her address at the signing ceremony in Lagos, the Chairman of China Africa Business Council, Diana Chen, said the administration of Chinese President, Mr Xi Jinping, was committed to ensuring investments by Chinese firms to the tune of $10bn within the next three years.

She said, “China will encourage its businesses to invest no less than $10bn in Africa in the next three years, and will establish a platform for China-Africa private investment promotion.

Lagos Chamber of Commerce & Industry LPG Group - Home | Facebook

“China will undertake 10 industrialisation and employment promotion projects for Africa, provide credit facilities of $10bn to African financial institutions, support the development of African SMEs on a priority basis, and establish a China-Africa cross-border RMB centre.”

She said by virtue of the MoU signed with the LCCI, the chamber would be uniquely positioned as the primary benefactor of the surge of investments from China into the African continent.

“The partnership between LCCI and CABC will position members of the chamber as primary benefactors of these trade and investment alliance offered by the FOCAC and AFTCA in driving the economic advancement and industrialisation of the nation through deliberate strategic partnerships and collaboration fostered by this agreement,” Chen said.

The President, LCCI, Dr Michael Olawale-Cole, described the MoU as a crucial pact that would deepen diplomatic relations between Nigeria and China.

He said, “This MOU signing will further improve bilateral and diplomatic relations between our two countries. The partnership is historic and significant to the LCCI as it would strengthen our international trade relations with China.

“China-Nigeria relations, which date to the early 1970s, have progressed significantly in recent years. Nigeria is one of China’s largest trading partners in Africa. Over the years, China has been a strategic import hub for Nigerian manufacturers and trade activities between both nations have seen dramatic improvement.

“According to the National Bureau of Statistics, the trade volume between both countries grew remarkably in 2018. Bilateral relations between both nations have also expanded tremendously on growing bilateral trade and strategic cooperation till date.”

Olawale-Cole also noted that the Chinese had shown interest in the Nigerian market, with presence across various sectors of the economy including financial technology, construction, retail and e-commerce and manufacturing.

He said, “As of May 2019, Chinese investment in Nigeria was above $20bn given Nigeria’s status as a competitive destination for the establishment of small and medium-sized firms.

“According to the China Chamber of Commerce in Nigeria, about 200,000 Nigerians are employed by over 150 Chinese companies based in Nigeria. Even till date, China remains a major financier of several developmental projects in Nigeria.

Category: News

Get Free Accounting Alerts