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China Set to Manufacture in Nigeria

Nigeria and China reached an agreement on wednesday to explore making Nigeria a major manufacturing zone for China’s key industrial enterprises.
Mr. Weng Jieming, the director of Chongqing Liangjing New Area, a multifaceted manufacturing industry, stated, “apart from encouraging Chongqing to export their goods to Nigeria, the government also has plans to support the companies, especially in the motorcycle and automobiles industry, to make direct investments in Nigeria for local production.”
Chongqing has five key industries, namely, the automobiles and motorcycles, petroleum and natural gas, equipment manufacture, new materials, and high-tech industries. Chongqing has key investments in many countries.
Minister of Trade and Investment, Dr. Olusegun Aganga, paid a visit to Chongqing, one of the major industrial cities in Southwest China and the site of China’s major Free Trade Zones, which contributes about 20 per cent of China’s Gross Domestic Product.
In a meeting with his counterpart at the Ministry of Commerce, China, Mr. Fu Ziying, Aganga encouraged the partnership between the two countries, stating, “it will correct the trading imbalance and create more job opportunities for Nigerians. It makes economic sense for Chinese companies to come and manufacture in Nigeria because Nigeria is strategic, it has the market and raw materials. We would also focus on backward integration so that other industries can spring up and the value chain strengthened,”
Aganga, also expressed that Nigeria inherently has both raw materials and a ready consumer base for Chinese goods, adding that the move was in line with President Jonathan’s economic transformation plans for the country.
The Federal Government of Nigeria and the Chinese government reached an agreement to ensure that the Lekki Free Trade Zone start full operation in 18 months.
President of China Railway Construction Corporation Limited, Mr. Zhao Guangfa, expressed during a meeting with Aganga on Tuesday night that the Federal Government of Nigeria remove hindrances to the progress of the Lekki Free Trade Zone project, adding that other countries had successfully completed similar projects.
Mr. Zhao Guangfa, stated, “The Lekki Free Trade Zone is a project that will attract significant Foreign Direct Investment into Nigeria and plug the unemployment gap considerably,” What are you thinking?

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