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Nigeria and China sign MoU to develop emerging sectors

The investments will be directed towards manufacturing and construction sectors. (Image source: Unsplash/Pixabay)

Nigeria has signed an MoU with China to facilitate investments in several major sectors such as manufacturing, construction and railways among others

The Nigerian Investment Promotion Commission (NIPC) and Qingdao International Chambers of Commerce for the Private Sector (QICCPS) from the two countries signed the MoU.

NIPC executive secretary Uju Aisha Hassan Baba and QICCPS chairman Shang Yongle stressed on the importance of developing the economies, by enabling investments.

According to the terms of the MoU, Chinese businessmen will invest in Nigeria’s construction, furniture, cement, glass, garment and railway sectors. The NIPC will facilitate and support the admission of such investments in accordance with relevant laws and regulations, while the QICCPS has agreed to liaise with relevant institutions of governments in facilitating the grant of relevant approvals and licenses to such Chinese businesses in accordance with legislations.

Additionally, the QICPPS will also identify specific projects and promote them to interested investors from both countries.

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