Written by Sarah NEGEDU

Chinese coys propose multimillion dollar investment in Nigeria

In furtherance of the proposed multi-million dollar investment by some Chinese companies into key sectors in Nigeria, a Chinese company, HellogJiang Pingyuan Rice Group, has proposed a $300 million rice project in the country.

Chief Executive Officer of the group, Mr. Wang Jing Xin, disclosed this when he led a delegation of the company to the Federal Ministry of Agriculture and Rural Development in Abuja.

Wang said the company would start with 500 hectares of land and later invest $300 million in agriculture.

Facilitator of the meeting, Consul-General of Nigeria in China, Ambassador Ali Ocheni, said some states namely, Imo, Cross River and Akwa Ibom, have shown interest in the proposal which covers the training of local farmers and transfer of technology.

He requested the ministry to encourage other states to be involved in the project to help Nigeria become self-sufficient in rice.

The company apart from the investment would also collaborate with the ministry in building a research institute, help local farmers to improve themselves and equally, provide job opportunities to Nigerians, Ocheni said.

Responding, the Minister of Agriculture, Chief Audu Ogbeh, stated the need to take every step to ensure that states in Nigeria partner with the company on the proposed rice project, stating that an expanse of land earlier mapped out for rice production in Bayelsa State would be considered for the project.

Similarly, another group of Chinese investors, Skyrun Corporation and Hi-Hope International, have pledged fresh investment of $500million (N98.5bn) into the economy.

The fresh investments when implemented will bring total investment of both companies which are umbrella firms for Chinese investments to $1billion.

Nigeria’s Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar, who disclosed this at a meeting with a delegation of Chinese businessmen, said the investment would come in form of capital injection into key sectors of the economy such as power and agriculture, among others.

Leader of the delegation and chairman, Skyrun, Xie Shao, said Chinese investors were in the country to get the needed support from the government before they would commit fresh funds into the economy


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