China’s Investment In Nigeria Hits $7.24bn

Mr Guo Kun,  the Consul General, Consulate of the Peoples Republic of China, says China has invested 7.24 billion dollars (more than NI trillion) in Nigeria. 

Kun told newsmen on Friday in Lagos that some of the investments went into the Lekki Free Trade Zone.

Besides, he said that the investment had helped to create more than 30, 000 jobs for Nigerians. Reports say that Lekki Free Trade Zone is a Lagos State project.

According to him, the Chinese government provides subsidy, preferential policies in tax and subsidised interest to Chinese companies to encourage them to invest in Nigeria.

“Until now, China has already invested 7.24 billion dollars and created more than 30,000 jobs for Nigerians.

“Among them is the Lekki Fee Trade Zone. If this project becomes successful, Nigeria’s capability of manufacturing various products will be largely enhanced,” Kun said.

The Consul General said that the government had provided policy support to encourage Chinese investors to invest in the Lekki Free Trade zone.

He said that both sides realised that the free trade zone was an important project and would do all within their powers to make it a reality.

Kun said that the issue of Chinese substandard products in Nigerian markets was a complicated one that needed to be resolved by both governments and Nigerian importers.