Chinese investors besiege Nigeria as annual trade hits $13billion

At least nine memoranda of understanding (MOUs) were signed between Chinese investors and Nigerian government and private sector on Thursday at the Nigeria-China Investment Forum as Chinese businessmen besieged the China World Hotel, Beijing, venue of the event. The forum, which had over 300 Chinese investors in attendance, culminated in the signing of MoUs in the areas of power, agriculture, industrial zones, automobile, science and technology. The high point of the meeting was the directive given by President Goodluck Jonathan that serious Chinese businessmen investing in Nigeria should be given up to 10 years visa. According to Jonathan, the various MOUs will lead to stronger economic ties between the two countries.  He noted that Nigeria-China relation had continued to improve over the years, stressing the historical similarities between the two countries. He said as China is the leading country in its region, so is Nigeria striving to lead Africa, in addition to being the most populous country in the African continent. The president said Nigeria was currently strengthening investment and economic ties with China because of the exponential increase in the bilateral trade volume between the two countries within the last few years as well as China’s involvement in the financing and construction of key infrastructural projects in Nigeria. He said trade between the two countries to date exceeded $13 billion per year as at 2012 – placing Nigeria as China’s number one trading partner in the West Africa sub region.


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