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Chinese business men to invest $300 million in Nigeria

Published

10 years ago

March 20, 2014

Over twenty investors from the Republic of China who are on a
business tour in
the country have indicated their readiness to invest about $300
billion to boost
Nigeria’s economy. The investors, who held a business forum on
Wednesday with the Ogun State
Governor, Senator Ibukunle Amosun in his office in Abeokuta,
were led by the
Chief Executive Officer (CEO) Shangai Engineering Works
Nig. Ltd and Blue
Diamond Investments, Mr. Festus Mbisiogu, are among China’s
Fortune 500
selected companies that are involved in Agriculture, Power,
Aviation, Housing
and Railway development. Each of the delegates according to
Mbisiogu, is expected to pump in a whopping
$15billion into selected areas of interest, a situation which would
fetch Nigeria
over $300 billion. His words, “The positive multiple effect of the
money the Chinese businessmen
are bringing into Nigeria, would reduce unemployment in the
country and also
ensure that the issue of epileptic power supply which is undermining
industrialisation, becomes a thing of the past”, Festus stated.
Mbisiogu, who disclosed that the delegates already have strong
presence in
other African countries having invested much money in Ivory Coast
and Ghana,
decided to come to Nigeria to share China’s experience with the
people. He
stated that apart from ensuring steady power supply in the country
as well as
making positive impact in the economy, the firms would make it
possible to
achieve Nigerians dream of becoming one of the strongest economy
globally by the year 2020 would be a reality. He further stressed
that “the investment is a
stepping stone towards helping the federal government to actualize its
target of
offering 150,000 thousand Nigerians gainful employment” Addressing
the team of investors who went in the company of representatives of
China-Africa Investment Club, Governor Amosun stated that,
“This is almost
three years I have been in office and one country that has been
supportive and
close to Ogun State is China. Indeed, the Chinese Ambassador and
Consul
General always come to us. There are areas we are interested in
which are
Agriculture, Railway, Airport etc. and we will like to partner
with China to develop these areas.” Ogun State Governor Amosun
said “ Ogun State has the largest base of industry
in Nigeria because of its proximity with our sister state Lagos and
that has given
us the privilege of becoming the gateway to west Africa sub-region
market.” He
added that “Ogun State is home for industry, while Lagos is home
for commerce
and we allow private investors to enable us grow.” He expressed
optimism that in
the next three to six months, that the investors would have
established their companies here in Nigeria.