Thursday, October 29, 2009

China invests $6 Billion in Nigeria

The president of National Association of Nigerian Traders, Mr. Ken Ukaoha, announced in Abuja yesterday that Foreign Direct Investment from China to Nigeria has doubled from $3 billion in 2003 to $6 billion this year with 75% percent of investments in the oil and gas sector.

Mr. Ukaoha said that trade between China and Nigeria is based mostly on China providing resources for Nigeria's poor infrastructure and Nigeria providing China with oil for their rapidly growing manufacturing sector. Besides South Africa, Nigeria is China's largest trading partner in Africa.

According to Mr. Ukaoha, China's increased interest in Africa is based on China expanding its reach for more resources to support the demands of the country's growing economy and Africa as a whole looking for better terms of trade.

This Day

Related stories: Government approve deal with Chinese firm for housing and power generation in Abuja

Chinese firm to manage Nigerian airport

New source of oil found in the Niger Delta by Chinese and Nigerian firms

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