Nigerian gov't urged to give green light to Chinese investors

LAGOS, July 11 (Xinhua) -- A Chinese diplomat here on Tuesday urged the Nigerian government to give Chinese investors the green light of special policies to promote bilateral economic relations and trade. "Please encourage them (Chinese investors) and give them the green light of special policies" on foreign investment in Nigeria, Hu Yujie, head of the Commercial Office of the Consulate General of the People's Republic of China in Lagos, said at an interactive forum held in Lagos, the commercial capital of Nigeria. At the one-day Nigerian-Chinese investors' interactive forum organized by the Nigerian Investment Promotion Commission (NIPC), Hu spoke highly of the investment forum, describing it as "a very good chance for Chinese companies and enterprises to learn a lot about Nigerian laws and how to improve doing business with Nigeria." "I'm sure that there will be a very big green light for both China and Nigeria to further enhance two-way economic relations and trade," he said. According to Hu, Nigeria now ranks second largest trade partner of China after South Africa in Africa. He said in the past five years ending 2005, China-Nigeria two-way trade volume increased by leaps and bounds from 1.14 billion U.S. dollars in 2001 to 2.86 billion dollars in 2005. He emphasized that marked achievements have been made in China-Nigeria bilateral trade, especially in China's exports to Nigeria. In the past, he said, China mainly exported textiles and footwear and other small daily-use commodities to Nigeria. But now "machinery and electric products account for nearly 50 percent of the overall export to Nigeria," he added. Presently, Hu said, the major commodities China exported to Nigeria are machinery and electric products, packaging machines, foodstuff processing machines, air conditioners, fridges, motorcycles, auto parts, power generators, hardware, telecom products, non-ferrous metals, photographic instruments, and chemical products, among many others. Also speaking at the interactive forum, NIPC Executive Secretary Mustafa Bello gave a brief introduction to activities of NIPC. He said he hoped the forum would help Chinese investors better understand Nigeria's investment environment and eventually help the West African country take a fast-track path to catch up with developed countries. Referring to a free trade zone to be established by Chinese investors in cooperation with Lagos state government in Lekki, Bello said the Nigerian government would offer favorable terms to Chinese investors who planned to set up factories in the zone including no personal income tax, 100 percent repatriation of capital and profit, no foreign exchange regulation, 100 percent foreign ownership allowed, no pre-shipment inspection of goods and no expatriate quota required. More than 100 Chinese businessmen including those from Hong Kong attended the forum.