Chinese investment in Nigeria stands at $2.5bn, Qin Jian – Guardian

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The Charge d’Affairs of Chinese Embassy in Nigeria, Qin Jian, said China has so far invested $2.5 billion in the nation’s economy especially in areas such as petroleum, solid minerals, telecommunications, broadcasting, construction materials and agriculture.

Jian similarly disclosed that Nigeria remains China’s first engineering contract market, third export market and fourth trading partner as well as one of the major destination of Chinese investment in Africa.

He revealed that the bilateral trade volume between both countries from January to July 2016, stood at $6.46 billion which represented 7.6 percent of the total trade volume between China and Africa and 36.4 percent of total trade volume between China and ECOWAS. According to him, they would continue to promote infrastructure development in Nigeria and the rest of Africa in General.

In his presentation, the Governor of Katsina State and Chairman of the forum, Aminu Bello Masari said that in line with the present governmental agenda, the Federal and State governments have come to realize and accept the necessity for the diversification from oil whose revenue income has now turned out to be insufficient and unsustainable.

Similarly, Abia State Governor, Okezie Ikpeazu pledged that his state was ready to collaborate with them, especially in local production of industrial tools and machinery.