May 17, 2024

Tinubu to Chinese executives: Your investments in Nigeria safe

Reverse 50 per cent revenue deduction on NAMA, FG urged

President Bola Ahmed Tinubu

By Johnbosco Agbakwuru, Abuja 

President Bola Tinubu on Friday, assured the Chinese business executives that their investments in Nigeria are safe and that his government will further strengthen the business environment.

The president also said that Nigeria is a safe investment hub and that his administration will always provide the needed support to ensure businesses thrive.

Speaking when he received a delegation led by the Chairman of the China Railway Construction Corporation (CRCC), Mr. Dai Hegen, at the State House, President Tinubu said that his administration welcomes the opportunity to expand business collaboration with the company, as well as upgrade critical infrastructure and facilities for the mutual benefit of both parties.

He said, “I have listened to you carefully. Your operation is consistent with our objectives. We are reforming the economy and taking crucial actions to ensure accelerated growth. The CRCC, with its subsidiary, CCECC, is a leading company and one of the best partners to work with. I am happy that you are partnering Nigeria in many areas, particularly rail construction. 

“We will do everything required to ensure that the rail link between the Ibadan end of the Lagos-Ibadan railway and the Federal Capital Territory is completed. We must connect the hinterland with our coastal seaports.

“I am proud of what I started as Governor of Lagos State with the Lekki Free Trade Zone. It is now a flourishing environment. It is important to assure you that we will do well to strengthen our partnership and relations.”

The President commended the corporation, particularly its subsidiary, China Civil Engineering Construction Corporation (CCECC), headquartered in Beijing, for its efforts in delivering value on infrastructural projects in the country.

He encouraged the corporation to also explore other avenues of cooperation, especially in solid minerals, adding: “The door is open for partnerships, and partnerships that will add value to both sides. Solid mineral development is the next frontier for mutually beneficial growth and collaboration.”

“We need each other. The sustainable path to success is a two-way street. We assure you that your investment is safe in our country. Once you succeed here, I know your reputation in other countries will be further strengthened,” the president said.

In his remarks, the Chairman of the China Railway Construction Corporation highlighted some of the projects in the works and those completed by the corporation.

“In the railway construction sector, the Kano-Kaduna Railway is 39 percent complete and is on course for completion in the second quarter of 2026. The Abuja-Kaduna Railway and Lagos-Ibadan Railway have carried approximately 9 million passengers since they were completed and commissioned. Freight services have officially commenced along Lagos-Ibadan axis since September 2023, and a total 180,000 tons of cargo have been transported,” he said.

Mr. Hegen also said the corporation has signed investment cooperation agreements with 119 companies, stimulating investments of $3 billion and creating 4,000 direct jobs for Nigerians, as well as paying $125 million in taxes. 

He extended the invitation of the Chinese government to President Tinubu to attend the Forum on China-Africa Cooperation (FOCAC) to further deepen cooperation along mutual areas of interest.

“With the support of Your Excellency, we plan to increase our investments in key areas, such as agriculture, power, solid minerals, natural gas, and renewable energy technologies, to promote the economic development of the country,” the CRCC Chairman added.