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Business News of Sunday, 26 March 2023

Source: thenationonlineng.net

Fed govt wants Chinese firms to invest in finished products value chain, improve on $20.4bn trade volume

Saratu Umar Saratu Umar

The Executive Secretary, Nigerian Investment Promotion Commission, Saratu Umar has called on the Chinese government to invest in processing of finished Nigerian products with the option for export.

Umar stated this during a courtesy visit by the Chinese Economic Minister, Counselor and his delegation in Abuja stating that the African Continental Free Trade Area has opened and liberalised huge market opportunities for African countries and Nigeria is positioned to benefit from it maximally.

She noted that NIPC is working on producing an Investment Masterplan document that will address and define investment concerns in a detailed, resilient and friendly manner which of course will accommodate all stakeholders in the investment community.

According to her. “Our trade posture is skewed towards exporting raw products to China, we urge the Chinese government to take advantage of our huge natural endowment (human and materials) to change the narrative by investing massively in all sectors of the country.”

The NIPC boss noted that this will deepen both nation’s robust relationship. China, she said, is one of the strategic countries targeted by the Commission to drive and attract greater foreign direct investment especially in the critical sectors of our national development.

Speaking, Mr Wange who led a delegation of Chinese government officials, chamber and investors said Nigeria remains strategic in China’s investment plan.

China has continued to partner with National and State governments especially in infrastructure development referencing Lekki Deep Sea Port as an example.

He said, “We are not relenting in our efforts in ensuring greater Chinese companies participate in the Nigerian economy as we are desirous to work closely with the NIPC especially in articulating the investors’ concerns. Nigeria is China’s third largest trading partner in Africa after South Africa and Kenya. The bilateral trade increased to almost 142 percent from 2016 to 2021, as the trade volume stands at 20.04 billion USD in the first ten months of 2022. China is Nigeria’s largest source of imports.”