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Nigeria, China sign MoU on railways, manufacturing

By on August 7, 2015

In an effort to boost trade and investment, the Nigerian government and the Peoples Republic of China on Wednesday signed a Memorandum of Understanding (MoU) to facilitate investment between the two countries.

The MoU was signed by the Nigerian Investment Promotion Commission (NIPC) and Qingdao International Chambers of Commerce for the Private Sector (QICCPS) affirming their desire to encourage the inflow of Foreign Direct Investment (FDI) from Chinese Businessmen in the Chamber into Nigeria.

The Executive Secretary of the commission, Mrs. Uju Aisha Hassan Baba and the Chairman of the Chambers who doubled as the leader of Chinese delegation to Nigeria Mr. Shang Yongle, harped on the importance of creating the enabling environment for investment to thrive between nations.

They noted that there was the need to recognise the benefits of the existing economic and bilateral cooperation between Nigeria and China; having reached an understanding on the need to establish a close working relationship in order to facilitate business entry of members of QICCPS into the country.

The also agreed in the MoU that the two organisations shall proactively encourage Chinese Businessmen to invest in Nigeria, particularly in construction sector; woodwork (furniture manufacturing; cement manufacturing, glass production, garment and diaper manufacturing and railways, maintaining the NIPC shall facilitate and support the admission of such investments in accordance with relevant laws and regulations.

On its part, the commission agreed to liaise with relevant institutions of government in facilitating the grant of relevant approvals and licenses to such Chinese businesses from the QICCPS in accordance with relevant legislations and further agreed to identify specific projects and promote them to interested investors from both countries.

The MoU which was witnessed by the management staff of the commission and the 11 man Chinese delegation, further agreed to provide and disseminate up-to-date information on investment related matters to investors in their respective countries and to jointly initiate and organise promotional activities such as exhibition, conferences and seminars for the stimulation of investments into their respective countries.

Earlier, the Executive Secretary of the commission, Hassan Baba reiterated the need for foreign investors to the country to always “register their enterprise with commission as it is the only agency of government that has the legal framework and statutory responsibility of promoting and attracting investments into the nation’s economy in addition to providing relevant information to guide investors in setting up their enterprises and also provide incentives and aftercare services.”

On its part, the leader of Chinese delegation, Yongle, expressed the commitment to invest in Nigeria within the shortest possible time.
He stressed that Chinese investors are keen in tapping into the vast investment opportunities in Nigeria, for the overall mutual benefits of the two countries.