China has said it would encourage its businesses to invest nothing less than $10 billion in Africa, in the next three years, while also establishing a platform for China-Africa private investment promotion.
The Chairman of the China-Africa Business Council (CABC), Chief Diana Chen, made the disclosure at the signing of a Memorandum of Understanding (MoU) between CABC, and the Lagos Chamber of Commerce and Industry (LCCI), in Lagos, on Wednesday.
According to her, the planned massive investments represent one of the nine programs through which the country intends to support the industrialization of Africa, in the next three years.
She added that, besides the investments, the country would also be undertaking 10 industrialization and employment promotion projects for Africa, while also providing credit facilities of $10 billion to African financial institutions, and supporting the development of the continent’s SMEs on a priority basis.
Chen also expressed the desire of the country to undertake 10 green development, environmental protection and climate action projects, in the continent, as part of its Green Development Program.
She expressed the strong belief that the signing of the MoU, would further provide opportunities for Nigerian businesses to leverage some of these benefits to enhance their bottom lines.
“We believe the partnership between LCCI and CABC will position members of the Chamber as primary benefactors of these trade and investment alliances offered by the FOCAC and AFTCA in driving the economic advancement and industrialization of the nation through deliberate strategic partnerships and collaboration fostered by this agreement.
“As the representative of CABC in Nigeria, we are committed to driving the execution of these Nine (9) point programs to the benefit of our registered members,” she added.
Expressing LCCI’s delight at the deal, its President, Asiwaju Michael Olawale-Cole, noted that there were vast potential between Nigeria and China, adding that the MoU would unlock such investment opportunities for both economies, and strengthen relationships between the two institutions.
The LCCI’s boss argued described the MoU as further cementing China-Nigeria relations, which dates back to the early 1970s, and had significantly progressed 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 Lagos Chamber of Commerce and Industry is pleased to work with the China Africa Business Council (CABC) towards the actualization of these objectives for the betterment of our economies,” he stated.
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