Nigeria has urged foreign businesses interested in Africa to look towards the investment opportunities that abound in the country.
The Nigerian Ambassador to China, Baba Ahmad Jidda, flaunted Nigeria’s investment potentials at a business forum in Hangzhou, China, and encouraged foreign investors to take advantage of the opportunities on offer.
The forum, tagged: “Nigeria-China Belt and Road Investment Forum”, was organised by the Nigerian Consulate in Shanghai, China.
“I assure all prospective investors that Nigeria is the investment destination in Africa for foreigners taking into account the present administration’s enticing incentives to encourage Foreign Direct Investment (FDI) into the country,” the envoy said.
Amb. Jidda listed various initiatives such as currency swap deal between Nigeria and China, flexible visa policy, political stability, large consumer market and enabling business environment as opportunities for investors to open their minds toward Nigeria.
He said Chinese investors whose businesses cut across various sectors of the Nigerian economy were already taking advantage of the various initiatives by the government.
Nigeria is one of China’s largest trade partners in Africa, with bilateral trade volume exceeding $12bn in 2018.
“The presence and continuous operation of other Chinese companies in Nigeria is a proof of the fact that while the government works to make the country safer, Nigeria remains a viable investment destination to potential foreign investors,” he said.
However, Amb. Jidda expressed concern over increasing trade complaints from Nigerians against their Chinese partners.
He said “breach of contractual agreements” had resulted in the loss of hundreds of thousands of dollars, urging Nigerian businesses to use proper channels in their trade dealings.
The envoy further said the embassy and consular missions were available to provide appropriate guidance to intending investors to avoid cases of fraud and breach of contracts.