LITF: Sanwo-Olu assures Chinese investors of mutually beneficial business opportunities
Sanwo-Olu gave the assurance while declaring open the “China Hall” at the 2019 Lagos International Trade Fair (LITF), taking place at Tafawa Balewa Square, Lagos.
Over two thousand foreign and local exhibitors are participating at the 33rd Edition of the fair which has the theme : “Connecting Businesses, Creating Value.”
The governor said Lagos had a large market, and the state could become a fashion and technology hub with the right investments.
He said the government would continue to create the enabling environment for businesses to thrive through policy implementation and provision of infrastructure.
On his part, Mr Liu Junsheng, Commercial Consul of the Consulate of the People’s Republic of China, said China was showcasing four fairs in the fields of textile, housewares, auto spare parts and mechatronics.
He listed them as ” the Nigeria International Textile Industry Fair (NigeriaTex)”, “International Automotive Parts, Equipment and Service Trade Fair (AutoEquip)”, “International Housewares and Gift Fair (Home Show Nigeria)” and “Premium Mechatronic Brands China (PBC).”
“We firmly believe that our four fairs will be among the largest and the most effective and professional global B2B exhibition and trade platforms in both Nigeria and West Africa,” he said.
Also, Mr Babatunde Ruwase, President, Lagos Chamber of Commerce and Industry (LCCI), at a symposium on “Distributive Trade as Nigeria’s Hidden Economic Treasure “, said China was very important to Nigeria.
Ruwase said: “China is Nigeria’s largest source of imports. Nigeria is also one of China’s trading partners in Africa.
“According to the Chinese Consul General in Lagos , Mr Chu Maoming, total trade between China and Nigeria stood at $8.6 billion in the first half of 2019″.
“The ties between our two countries continue to wax stronger on growing bilateral trade relations and Strategic Cooperation”.
“Many Chinese investors and enterprises are based in Nigeria operating in various sectors including oil and gas, manufacturing, agriculture, steel processing and construction among others. ”
He said that the Lagos State Government recently signed a $629 million facility with China Development Bank (CDB) for the completion of Lekki Deep Seaport Project.
Ruwase said another attestation to the strong bilateral ties between both countries was the $3.9 billion contract the Federal Government of Nigeria signed with the China Railway Construction Corporation Limited for the construction of a new Abuja-Itakpe- Lokoja rail line.
“Similar ongoing projects such as Mambilla Power Project, Lagos-Calabar Coastal railway line and Zungeru Hydropower Plant are outcomes of the growing bilateral cooperation between Nigeria and the People’s Republic of China.
“We believe that your participation at the fair will further strengthen the cooperation between both countries. The Lagos Chamber remains committed to Nigeria-China trade partnership”.
“In line with our mandate, the Chamber will continue to support trade and investment in Nigeria,” the LCCI president said.