China-Africa: Chinese Firm to Set Up Power Plant in Nigeria
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The Federal Government’s determination to increase the nation’s energy capacity received a major boost in far away Shanghai, China where Shenzhen Energy Group pledged to invest a $300 million power plant in the country.
The commitment of the Chinese energy firm came on a day Engr. Mustafa Bello, Executive Secretary of the Nigeria Investment Promotion Commission (NIPC) urged investors to take advantage of Nigeria’s favourable business climate.
Ms. Cissy Jiang, representative of the Shenzhen Energy Group, disclosed the plans of the Chinese firm at the 7th Nigeria-China Business and Investment Forum (NCBIF), which got underway yesterday at the Purple Mountain Hotel, Shanghai, China.
Jiang said the energy group decided to capitalise on the government’s investment-friendly incentives to expand its operations into Nigeria and by so doing, hopes to add to a sizeable number of Chinese companies in Nigeria.
She explained that a number of Chinese investors such as Chief Jacob Woods, Deputy President of China Africa Business Council (CABC), had given testimonials on the benefits of investing in Nigeria, and that when weighed against the risks, Nigeria presents a much more favourable investment climate than its competitors.
Jiang said contrary to the information being peddled in the international media, the reports from Chinese investors in Nigeria is that the nation’s security and security of investment was much improved, and as such, the company will be willing to partner with the Federal Government in its emergency intervention in the power sector.
In his presentation, Bello acknowledged the trail blazing efforts of the Xiguang Guandong Group in setting up a Free Trade Zone in Ogun State at a cost of $500 million and the Chinese investment in the Lekki Free Trade Zone in Lagos.
He also advised Chinese investors to continue to partner with Nigeria in its development efforts, as the country remains the most attractive destination for foreign direct investment in sub-Saharan Africa, with a cumulative potential of over 300 million consumers.
He assured them that the NIPC would continue to deliver on its mandate of providing the necessary support to foreign investors, especially with the introduction of the one-stop investment centre (OSIC), which integrates over 36 government and private-sector organisations at the commission’s headquarters in Abuja.
Also present were Mr. Sina Agboluaje, Managing Director of Nigeria Export Processing Zones Authority (NEPZA), Mallam Lamis Dikko, Executive Director, Unity Bank, and the Financial Secretary of the Peoples Democratic Party (PDP), Alhaji Tukur Mani, who led the Nigerian delegation.
Others who made presentations yesterday were Mr. Lanre Fagbohun, Managing Director (Internal) of BankPHB, Mr. Femi Bakre of First Bank, Bola Ajibode of Stanbic IBTC and Alhaji Ibrahim Aliyu, Chairman of Urban Shelter Limited.
The 7th Nigeria-China Business and Investment Forum continues today, with visits to some Chinese industrial companies located in Shanghai.