Nigeria-China Business Council to invest $60bn in development of LGAs

Nigeria-China Business Council to invest $60bn in development of LGAs

In a determined move targeted at driving investment inflow into the country Nigeria-China Business Council said it is ready to invest $60billion in Nigeria’s Local Government development, with focus on infrastructural developments, energy, solid mineral and Agriculture.

Chairman and the National Coordinator of Nigeria- Chinese Business Counsel Matthew Uwakwe informed newsmen on Thursday in Abuja that the investment drive is targeted at deepening the bilateral relationship between Nigeria and the People’s Republic of China, while focusing on economic development of Nigeria in Nigeria’s Local governments.

Speaking on the investments drive in Nigeria, Lin Yin, the Vice President of Chinese People’s Association with Foreign countries in an interaction with newsmen said, “As a fall out of President Buhari’s visit with a Nigerian delegation earlier in the year to the People’s republic of China, we intend to expand our partnership in Nigeria not neglecting the key contributions of the local government to the development of Nigeria’s economy”

We had hosted in 2012 and 2015 respectively, African-Chinese Business Forum, and Nigeria is our number one partner in Africa, that is why we had already held discussions with the chairman of the Nigerian governor’s forum Abdulazeez Yari of Zamfara state with other five governors in Nigeria recently to deepen local governments partnerships and exchanges looking at sectoral developments.

We are looking to create more platforms for Chinese-Nigeria collaboration with focus on local government developments, while laying solid foundation for strategic Nigeria partnerships” she explained.

While expressing commitment of Nigeria’s government’s readiness to work with the Nigeria-Chinese Business Council, Benson Abounu, Deputy Governor of Benue State, at the event reassured the Chinese investors that although Nigeria is currently in recession, the country will surely bounce back to economic glory in a matter of few months based on the recovery measures and diversification moves put in place by governments at different levels.

Abounu frowned at the past scenarios where after Memorandum of Understanding are signed but nothing comes out from it. He said “what Benue state and Nigeria at large needs from China now is action. We want to go beyond memorandum of understanding and embrace actions. What we are looking for is action, establishment of joint ventures and many other productive ventures.”

The Deputy Governor also stressed that Nigeria doesn’t need finished products from China rather, technology to help the country finish and package its own agricultural produce as well as the setting up of infrastructures and strong economic base here in Nigeria by the Chinese investors.

While reiterating the readiness of State Governments to create ease of doing business for foreign investors, he assured the Chinese investors that his state governments will within one month approve any application for land as regard to establishment of businesses in the state.

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