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Nigerian President Hopes for Chinese Investment in His Country
Nigerian President Olusegun Obasanjo said Tuesday that his country's economic liberalization has brought new investment opportunities and he hopes Chinese entrepreneurs set up more joint ventures in his country.
Obasanjo said at the China-Nigeria Business Seminar, which began here Tuesday under the organization of the China Council for the Promotion of International Trade (CCPIT), that he hopes Chinese companies invest more in the areas of iron and steel, power generation and telecommunications.
China has been a "good partner" of Nigeria since the African country gained independence in 1960. Economic and technical cooperation between the two have gone smoothly since they established diplomatic relations in 1971, said the president.
Chinese statistics show that Nigeria is the third largest African export market of China. Two-way trade between China and Nigeria reached 856 million U.S. dollars last year, a record high in history. China's main export commodities to Nigeria were light industrial products, electronic products and machinery. Its imports from Nigeria consisted mainly of oil, timber and cotton.
The president said Chinese companies should invest in upstream and downstream ventures in Nigeria in the areas of oil and natural gas. Nigeria also hopes to use China's advanced technology in the exploration and exploitation of its rich mineral resources.
After arriving in China on Sunday, the president visited the Sinopec and a number of other Chinese companies that have close economic and trade links with Nigeria. He is also scheduled to visit Shenzhen during his visit to see Chinese technology in the areas of "information and communications," he said.
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