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The Nigerian president hopes that Chinese companies will participate as investors in changing the status quo in Nigeria

03-15

Original Title: Nigerian President Jonathan's Visit to China Promotes Sino-Nigerian Economic and Trade Cooperation

　　China Radio International (CRI) reported that Nigerian President Goodluck Jonathan visited China from the 9th to the 12th of this month. In addition to meeting with Chinese leaders, he also specifically arranged a high-level "Nigeria-China Investment Forum," attracting top companies and investors from both countries. During the visit, Nigeria and China signed several cooperation agreements, further promoting economic and trade cooperation.

　　The "Nigeria-China Investment Forum," hosted by Nigeria's Ministry of Industry, Trade and Investment, was held on November 11th at the China World Hotel in Beijing. The forum attracted more than 300 representatives from Chinese companies, and at least nine cooperation agreements were reached that day, covering areas such as energy, agriculture, industry, automobile manufacturing, and technology.

　　In his speech at the "Nigeria-China Investment Forum," Nigerian President Jonathan stated that economic ties between Nigeria and China are continuously strengthening. Sino-Nigerian trade volume was less than US\$2 billion in 2002, but it had grown to US\$13 billion by 2012. Currently, Nigeria is China's top trading partner in West Africa, and nearly one-third of China's investment in the region flows into Nigeria. Furthermore, China has played a significant role in the investment and construction of many major infrastructure projects in Nigeria.

　　Jonathan also mentioned that approximately 200 Chinese companies are currently investing in Nigeria. However, Nigeria still needs more direct investment, especially in agriculture and agricultural processing, which are priority sectors for Nigeria. The Nigerian government will meet the needs of investors regarding operational land and provide 5- to 10-year residency permits for long-term investors.

　　During the forum, Jonathan also met with representatives from several Chinese companies, including ZTE, Huawei, Great Wall Motors, State Grid Corporation of China, China Railway Construction Corporation, and China Harbour Engineering Company, urging these companies to increase their investment in Nigeria. With Jonathan's active promotion, several Chinese companies signed a series of engineering project contracts with Nigerian counterparts, involving airport and power facility construction. One contract is a US\$500 million loan agreement between the Nigerian government and Chinese entities for the construction of new airports in Abuja, Lagos, Port Harcourt, and Kano. The China Geo-Engineering Corporation (CGC), undertaking these four airport projects, pledged completion by March 2015. In addition, Great Wall Motors, representing China Aerospace Science and Technology Corporation (CASC), signed a contract with Nigeria for the construction of a series of power infrastructure projects totaling US\$170 million. The contract mainly includes three projects: constructing three automated power distribution and transformer production lines in Nigeria; building a national-level high-voltage power equipment testing laboratory in Nigeria; and constructing Nigeria's first solar cell production line.

　　During Jonathan's visit to China, China National Machinery Industry Corporation (SINOMACH) signed contracts for two power plant projects with Nigerian counterparts. One is the construction of the 500MW Sapele power plant in Benin City, southeastern Nigeria, with a contract value of approximately US\$420 million; the other is the construction of the 120MW Yankari power plant in the Gubi industrial zone of Bauchi State, Nigeria, with a contract value of approximately US\$201 million.

　　In an interview with reporters, Jonathan expressed his optimism about the projects involving these Chinese companies. He said that upon completion, these projects will have a profound impact on the development of Nigeria's national economy. At the same time, Jonathan also expressed his hope that all Chinese companies interested in and confident in Africa would come to Nigeria to participate as investors in changing the backward conditions of Nigeria and even the whole of Africa.

Nigeria's telecommunications industry has broad development prospects, achieving a profit of US\$9.3 billion last year

Goods for export to Nigeria can also be inspected in Xiamen

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