LCCI Signs Multi-Billion Naira Trade Agreement With CABC

By January 31, 2022 NEWS

In a fresh attempt to deepen trade relations between Nigeria and China, the Lagos State Chamber of Commerce and Industry (LCCI), and the China Africa Business Council (CABC) has signed a multi billion naira memorandum of understanding (MOU).

Speaking during the signing of the memorandum of understanding on Wednesday in Lagos, the president, Lagos State Chamber of Commerce and Industry, Dr. Michael Olawale-Cole said;
“there are vast potentials in both countries that can be explored by Nigerian and Chinese investors.This MOU will unlock investment opportunities for both economies and will strengthen relationships between our two institutions.”

Olawale-Cole who expressed happiness over this development, disclosed that,
“Lagos is the Commercial nerve center of Nigeria and the Economic hub of the West African sub region. The LCCI is therefore in a strategic position to promote trade and investment between Nigeria and other countries. The promotion of trade and investment relation is a key deliverable of the Lagos Chamber.”

According to him, “China-Nigeria relations, which dates to the early 1970s, has progressed significantly in recent years. Nigeria is one of China’s largest trading partners in Africa. Over the years, China has been a strategic import hub for Nigerian manufacturers and trade activities between both nations have seen dramatic improvement.”

“established in 1888, the Lagos Chamber of Commerce and Industry is the foremost Chamber of Commerce in West Africa with a membership drawn from over 20 sectors of the Nigerian economy. Nigeria is Africa’s largest economy with a GDP of Four hundred and fifty Billon dollars ($450,000,000,000) and a population of two hundred million.” He added.

The president of LCCI further pointed out that, “according to the National Bureau of Statistic, the trade volume between both countries grew remarkably to $16 billion in 2019 from $7.4 billion in 2018. Bilateral relations between both nations have also expanded tremendously on growing bilateral trade and strategic cooperation till date.”

He said, the Chinese have shown interest in the Nigerian market, with presence across various sectors of the economy including financial technology, construction, retail and e-commerce and manufacturing, adding that, as of May 2019, Chinese investment in Nigeria was above $20 billion given Nigeria’s status as a competitive destination for the establishment of small and medium-sized firms.

“according to the China Chamber of Commerce in Nigeria, about 200, 000 Nigerians are employed by over 150 Chinese companies based in Nigeria. Even till date, China remains a major financier of several developmental projects in Nigeria.” He noted.

Olawale-Cole also added that, Lagos Chamber of Commerce and Industry is pleased to work with the China Africa Business Council (CABC) towards the actualization of these objectives for the betterment of our economies.

Also speaking at the event, the vice chair of the China Africa Business Council (CABC), Chief Diana Chen said; “”CABC (China Africa Business Council) was brought to life by the Former President of the Peoples Republic of China, Hu Jintao and the former Secretary-General of the United Nations Kofi Anan.

According to her, “with 2000+ members across China & Africa, creating more than 1.5 million jobs with a Volume of 9.05 billion US$ in investments, it is dedicated to the Economic Development of Africa which is led by the principle of “Respecting Culture and Combining Generosity with Profit.”

“equipped with global perspectives, opportunities in Africa and the momentum in China, the China-Africa Business Council is committed to helping Chinese enterprises contribute, effectively to Africa’s development” she noted.

She said, the signing of the MOU will further deepen diplomatic ties between and Nigeria, stressing that, the partnership between LCCI and CABC will position members of the Chamber as primary benefactors of these trade and investment alliance offered by the FOCAC and AFTCA in driving the economic advancement and Industrialization of the Nation through deliberate strategic partnerships and collaboration fostered by this agreement.

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