NIPC rides on Chinese business forum to strengthen economic cooperation

signs MoU with Qingdao chamber of commerce

Nigeria Investment Promotion Council (NIPC) would be riding on annual business and investment forum in China to be held next month in order to boost economic cooperation between China and Nigeria.

This year’s business forum to China will be the 12thedition, as the event seeks to open up more investment opportunities for both countries as they seek to chart forward greater economic ties.

Uju Aisha Hassan-Baba, executive secretary, NIPC, said during the signing of memorandum of understanding between the NIPC and the Qingdao International Chamber of Commerce for Private sector, that the cooperation would deepen economic ties between both countries, as private investors were already expanding the economic cooperation.

Currently, Nigeria’s bilateral trade with China has risen to about $23.5 billion from a mere $3.4 billion in 2009, a highly placed source from Nigeria-China Business Council said.

Notably, the Nigeria China Business Council has over the years nurtured bilateral trade relations between Nigeria and China to gradually turn the tide from $2.7 billion in favour of China and $700 million for Nigeria to now $13 billion and 10.5 billion in favour of both countries, respectively.

Speaking further on conducive environment for investors, the executive secretary assured investors of proper administration of investment incentives to local and foreign investors whose investments fall within the pioneer status.

She solicited further the cooperation of the president of the Qingdao International Chambers for Private Sector in facilitating a successful Nigeria-China Business and Investment Forum, which one leg of it would take place in Qingdao.

In his response, Sam Anyamele, chairman of Incomtel Nigeria Limited, who facilitated the visit of the president of the Qingdao chamber of commerce for private sector, Shang Yongie, pledged his full support in facilitating any venture that would boost economic interest of both countries and create wealth for the teeming youths population in Nigeria.