Chinese investments in Nigeria Now $20bn

asia
  • Chinese investments in Nigeria Now $20bn

The recent surged in the number of Chinese investments in Nigeria is aiding economic growth and has created over 200,000 jobs, Mr Ye Shuijin, the President, China Chambers of Commerce in Nigeria stated.

According to him, the 160 Chinese companies operating in Nigeria have collectively invested $20 billion into the Nigerian economy, adding that the firms are promoting the cultural diplomacy of the Belt and Road Initiative of the People’s Republic of China in Nigeria.

Shuijin, who is also the Managing Director, China Geo-engineering Company, said his company was established in 1983 with offices in 30 Nigerian states.

He further said while his company has faced numerous challenges in the past, the improved infrastructure development in Nigeria is encouraging more Chinese firms and investors to invest in the largest economy in Africa.

He said, “I believe the Chinese investment in Nigeria now is about $20b and we have employed over 200,000 Nigerians. Our workforce is 95 per cent Nigerians.

“We also worked with the Industrial Training Fund to train over 1,000 Nigerians last year and we have similarly trained 350 Nigerians in agriculture export. We have sponsored 30 students to China on scholarship as part of our advanced capacity building for Nigerians.”

He, however, noted that Chinese companies struggled during the 2015 economic recession as they couldn’t pay their workers due to the inability of the Federal Government to pay them for past contracts.

“The government still owe us for the Murtala Muhammed expressway project in Abuja which was completed in 2010. In 2015, we faced payment issues because of the recession, but what we did was to ensure the payment of our members of staff, not only CGC but all our chamber’s members.”

He added, “Many Chinese companies had to bring in money from China to pay their workers. The recession almost wiped off Chinese companies in Nigeria. At the end of 2016, the government commenced payment, but we still have many challenges.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

Leave a comment

Your email address will not be published.


*