Chinese investment in Nigeria hits $8.4 billion – Official

Chinese investment in Nigeria has hit the 8.4 billion dollar mark, says Yonghua Ding, the Head of the Political and Press Section at the Chinese Embassy.

Mr. Ding, who stated this in Abuja on Thursday, noted that the investments are in telecommunications, agriculture, oil and gas and power, among others.

He said the figure was recorded in 2011.

Mr. Ding also said that trade between both countries had reached the $10.7 billion mark, a 40 per cent increase over the figure for 2010.

He said that the bulk of the trade was recorded in the wholesale and retail sectors.

The envoy said the balance of trade is in China’s favour because Nigeria’s main export was oil which accounts for only 1 per cent of the trade.

“China is interested in agriculture and solid mineral products, we hope to explore these areas and have more exports from Nigeria.”

He commended the cordial relations between both countries, adding that China had simplified its visa procedure to facilitate trade for Nigerian businessmen.

“Those who meet the necessary requirement are issued visa within a week; these are part of measures to boost economic cooperation between both nations”.

Nigeria and China established diplomatic relations in 1971. Both nations signed the Investment Promotion and Protection Agreement and Avoidance of Double Taxation Agreement in 2001 and 2002 respectively.

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