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.”“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.
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.
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.
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