LCCI, CABC partner to expose Nigerian businesses to trade opportunities with China

Lagos Chamber of Commerce and Industry, LCCI established in 1888, has entered into strategic partnership with China Africa Business Council, CABC targeted at preparing members of the chamber to tap into the $300 billion business opportunity that the Chinese government has indicated to engage with Africa in the next three year.

CABC facilitates trade, collaboration, and strategic partnerships between Chinese companies and African businesses operating within the African area.

Chinese President Xi Jinping had at the Eighth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) November last year announced a deepened cooperation with Africa.

Under the cooperation, China will work with African countries in nine areas such as health improvement, education, poverty alleviation, trade promotion, Digital Innovation, Peace and Security, Capacity Building among others to support the industrialization of Africa within the next three years and China during the period will strive to achieve a total import volume of $300 billion in products from Africa.

Diana Chen, Chairperson of China-Africa Business Council strongly believes that the partnership between LCCI and CABC will position members of the Chamber as primary benefactors of these trade and investment alliance offered by the Forum of China Africa Cooperation (FOCAC) and AFTCA in driving the economic advancement and Industrialization of the nation.

She assured at the signing of the MoU in Lagos recently that as representative of CABC in Nigeria, the organisation is committed to driving the execution of the programs.

The chairman of LCCI, Michael Olawale-Cole, who was delighted at the agreement, said Lagos is the Commercial nerve centre of Nigeria and the Economic hub of the West African sub region. Therefore, LCCI is in a strategic position to promote trade and investment between Nigeria and other countries. “The promotion of trade and investment relation is a key deliverable of the Lagos Chamber”

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The LCCI chairman further believes that the MOU signing will further improve bilateral and Diplomatic relations between Nigeria and China, describing the partnership as historic and significant to the LCCI as it would strengthen Nigeria’s International Trade Relations with China.

He said there are vast potentials in both countries that can be explored by Nigerian and Chinese investors believing that the MOU will unlock investment opportunities for both economies and will strengthen relationships between the two institutions

“The Lagos Chamber of Commerce and Industry is pleased to work with the China Africa Business Council (CABC) towards the actualization of these objectives for the betterment of our economies”, he said.

According to him, “a China-Nigeria relation, which dates to the early 1970s, has progressed significantly in recent years. Nigeria is one of China’s largest trading partners in Africa. Over the years, China has been a strategic import hub for Nigerian manufacturers and trade activities between both nations. According to the National Bureau of Statistics, the trade volume between both countries grew remarkably to $16 billion in 2019 from $7.4 billion in 2018. Bilateral relations between both nations have also expanded tremendously growing bilateral trade and strategic cooperation till date”.

He further said that China has shown interest in the Nigerian market, with presence across various sectors of the economy including financial technology, construction, retail e-commerce and manufacturing.

“As of May 2019, Chinese investment in Nigeria was above $20 billion given Nigeria’s status as a competitive destination for the establishment of small and medium-sized firms. According to the China Chamber of Commerce in Nigeria, about 200, 000 Nigerians are employed by over 150 Chinese companies based in Nigeria. Even till date, China remains a major financier of several developmental projects in Nigeria”.

Speaking to BusinessDay at the signing ceremony, Linus Idahosa, vice chairman of China Business Council in Nigeria said the MoU will open the door to Nigerian business players as he said that what is important is to identify where the opportunities lie between businesses across different sectors.