CHINESE TO INVEST U.S.$500 MILLION FOR THE EXPANSION OF NIGERIAN BUSINESSES

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77y Aisha Abubakar1

The Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar‎, has recently disclosed in Abuja, that Chinese investors have committed to invest an additional $500 million into various sectors of the economy to help expand their businesses and boost employment generation across the country. ‎
Speaking after receiving a delegation of Chinese businessmen who were on a feasibility study of the investment environment, The Minister said “the doors are open to people who are willing to come in and invest in our country, adding that ‎”the economy needs a lot of investors and different sectors want to key in”.
She noted that the new capital injection was expected to come from with the Skyrun Corporation and Hi-Hope International, both of which are umbrella firms for Chinese investments.
“They’ve already invested over $500 million; they’ve come with more expansion plans to go into various sectors. From what we’ve just discussed, they are willing to bring in additional $500 million over the next few years and they are also going to expand in sectors as well as geographical spread, she said.‎
She also stated that the government was considering giving some forms of incentives to the investors as well as allowing for some flexibility in accessing the Nigerian market.
“So we are hoping that these would generate more employment for us and we’ll see more of our products in the market especially for export purposes, she said.
Chairman, Skyrun International, Xie Shao, who led the Chinese delegation, said the Chinese investors were trying to bring in investments into country but needed to know whether they would enjoy support from the government or ministers.
“That’s why we are in the country. We are going to investment in agriculture, power, refining and industrial products because these are good for the Nigerian economy. And the minister has said she would give support. Skyrun has set up our factory here ten years ago for the future”. Now we intend to effect expansion and now we are trying to bring in more partners together with us to set up factories and create jobs and boost the Nigerian economy.”

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