By Ikeoye Oyetoro
The President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr Simeon Chukwuemeka Okolo has wooed Chinese investors to establish more businesses in the country.
He enumerated the various viable trade and investment opportunities in which Chinese businesses can profitably invest in the country, to include the following sectors of the economy: Agriculture, Food processing and preservation, Oil and Gas Manufacturing; Solid Minerals; tourism; Energy and Power; and Telecommunications and Information Technology; etc.
Okolo while addressing Chinese investors during a business visit to Beijing , recently, highlighted the various investment incentives offered by the Nigerian Government for the simulation of private sector investments from within and outside the country .
Speaking further, the NACCIMA Boss observed that Nigeria is the dominant recipient of Foreign Direct Investment (FDI) within the Economic Community of West African Countries, including renewing efforts to attract FDI to the free Trade zones, (FTZs) adding that the Nigerian investment environment, which has improved tremendously and with bright prospects of better improvement, includingÂ the present policy of government fully welcomes foreign investors to Nigeria to participate in the economy.
He told the prospective investors that Nigeria government is doing all it could to boost power supply, modernization and expansion of the nationâ€™s railways, inland waterways and urban metro network for rapid mass transit and rapid industrial development.
On why NACCIMA is wooing the Chinese for more investment, Okolo noted that China has made giant strides in industrial development since it openedÂ up its economy barely 30 years ago, stressing that Chinaâ€™s GDP has increased by 11 times, with an average growth rate above 9.8 percent in the past three decades, thus, making it to become currently the third biggest economy in the world.
â€œThe main forces behind Chinaâ€™s rapid growth including its highest investment ratio in the world, from high savings rate, and high FDI inflow; improved efficiency of the economy came from channeling economic resources to more efficient sectors through private sector operators; makes full use of â€œbackward advantageâ€, taking part in international division of labour which, encourages foreign Direct investment, technologies and management expertise.
China has been able to achieve her high level of industrial and technological development due to well developed high quality infrastructures, competitive soft investment climate, including proper and consistent public policies high efficiency of local administrative bodies, tax incentives, as well as business friendly institutions in placeâ€.