CHINA INVESTMENT IN NIGERIA STANDS AT $7.8 BILLION

The President of China Institutes of Contemporary International Relations (CICIR) Mr. Cui Liru recently paid a courtesy visit to the Nigerian Investment Promotion Commission (NIPC) in company of the Acting Director General of Nigerian Institute of International Affairs (NIIA), Prof. Bola A. Akinterinwa to introduce the activities of his Institute and seek ways of collaboration with the Commission.

During the visit he disclosed that the Chinese actual investment in Nigeria as at November 2010 stood at $7.8 billion, while its contract investments within the same period were $213. 3 billion

He further disclosed that Chinese trade volume in Nigeria as at the end of 2010 was $7.5 billion, thus making Nigeria the fourth largest trading partner from Africa, stressing that China has a growth rate of 4.5 per cent.

He said Chinese investors will continue to invest in Nigeria, stressing that the Return on investment in Nigeria is very high. He said his Institute which is research based has formulated policy to encourage Chinese investors not to limit their investment in Nigeria to only a sector but to other sectors, especially agriculture.

The President of CICIR, who was in Nigeria to collaborate with the Nigerian Institute of International Affairs (NIIA) on ways to promote and strengthen economic and bilateral relations between the two countries, commended the Nigerian Investment Promotion Commission for its facilitatory role in bringing Chinese investors into the Nigerian economy.

Earlier, the Acting Director General of Nigerian Institute of International Affairs (NIIA), Prof. Bola A. Akinterinwa, who led the delegation to the Commission, stated that the two Institutions are collaborating in order to strengthen their economic and bilateral relations and also to jointly formulate policies that will advance the economy of both countries.

He said they were in NIPC to know more about its activities and also to seek for closer working relationship and collaboration.

In his remarks, the Director, Finance and Administration of NIPC, Alhaji Abubakar Sadiq Hassan who received the delegation on behalf of the Executive Secretary, stated that the Commission has over the years maintained good working relationship with the Chinese government, as it regularly host Business and Investment Forums in different Provinces of China every year.

He highlighted the various reform initiatives implemented by the Commission in the area of promoting and facilitating investments from the various regions of the world. He commended the Management of CICIR and NIIA on their collaborative mission to the Commission and pledged the NIPC's readiness to partner with them to advance the economy of Nigeria through massive investments.

Joel Attah