Chinese companies have invested $8.3billion in Nigeria

Trade volume between Nigeria and China will hit $10billion by the end of 2011, the Chinese government has said. China’s Deputy-Minister for Commerce, Mr. Chen Jian, disclosed this during a meeting with the Nigerian Minister of Trade and Investment, Olusegun Aganga, on Monday in Beijing.
He added that Chinese companies had invested a total of $8.3billion in Nigeria, noting that they were also involved in engineering projects worth $28.1billion in the country. Jian said the Chinese government would encourage Chinese companies to continue to invest in Nigeria if the Nigerian government could pay more attention to improving the business environment, pursue consistent policies and provide security for foreign investors.
He said, “This year marks the 40th year of bilateral relationship between Nigeria and China. By the end of this year, trade volume between China and Nigeria will be US$10billion. This will be record high. Chinese companies also have actual investments worth US$8.3billion in Nigeria. “We will encourage our companies to step up their investments in your country if the Nigerian government can make the business environment more friendly, ensure consistent policies and provide adequate security for foreign investors.”
He noted that the decision to have a ministry oversee investment issues in Nigeria, however, showed that the government was committed to attracting Foreign Direct Investment into the country, adding that China’s Ministry of Commerce would cooperate with the Nigerian Ministry of Trade and Investment in the area of capacity building for ministry officials. According to the deputy minister, going forward, the two countries should focus on further developing bilateral trade and further increasing the quality of trade between them.