China-Nigeria relations, established in the early 1970s, have seen significant progress in recent years. Currently, Nigeria holds the position of China’s third-largest trading partner in Africa, while China stands as Nigeria’s largest source of imports.
In further strengthening these ties, the Lagos Chamber of Commerce and Industry (LCCI) warmly welcomed a delegation of twenty individuals from the China Council for the Promotion of International Trade (CCPIT) and Guangzhou Chamber of Commerce on Saturday at the Commerce House in Lagos. Leading the delegation was Mr. Yang Yong, the President of CCPIT.
Mr. Yang Yong, in his address, commended the resilient entrepreneurial spirit of Nigerians, noting that approximately 30% of Guangzhou’s trade with Africa is attributed to Nigeria. He expressed the readiness of the Guangzhou Chamber of Commerce to collaborate with LCCI with the aim of enhancing the trade volume between both nations.
The President of LCCI, Asiwaju Dr. Michael Olawale-Cole CON, highlighted various investment opportunities in Nigeria, emphasizing sectors such as Agriculture, Housing, Transportation, and Renewable Energy. He conveyed that Nigeria is open and prepared for investment, and LCCI is fully supportive of all prospective investors.
The meeting, according to LCCI, provided an avenue for reaffirming the joint commitment to the continuous improvement of trade, industrial, and other connections between China and Nigeria. Additionally, it aimed to nurture friendships and understanding between the business communities of Guangzhou and Lagos and promote cooperation in trade, investment, technology transfer, services, and industry.
The meeting concluded with an agreement to sign a Memorandum of Understanding between LCCI, CCPIT, and the Guangzhou Chamber of Commerce. The key planned activities include trade missions, technical training, B2B sessions, and ongoing engagement to further enhance the collaborative relationship.