Oluwabunmi Fache
China African Business Council (CABC), has said it would budget 1,500 Medical Personnel and Public Health Experts to African in addition to vaccination supports.
The Vice Chairman of the CABC, Chief Diana Chen made the disclosure at the Signing of Memorandum of Understanding (MoU) between CABC and the Lagos Chamber of Commerce and Industry (LCCI) in Lagos on Wednesday.
According to her, the budget represents one of the nine programs through which the country will support the industrialization of Africa in the next three years.
Chen said “China will encourage its business to invest no less than $10 billion in Africa in the next three years, and will establish a platform for China-Africa private investment promotion. China will undertake 10 industrialization and employment promotion projects for Africa, provide credit facilities of $10 billion to African financial institutions, support the development of African SMEs on a priority basis, and establish a China-Africa cross-border RMB center”.
China will open “green lanes’’ for African agricultural exports to China, speed up the inspection and quarantine procedures, further increasing the scope of products enjoying zero-tariff treatment for the last develop countries (LDCs) having diplomatic relation with China.
Continuing she said, “CABC has delegated representatives to Nigeria and has sponsored Nigeria delegations China in the past under the umbrella of non- governmental trade alliance through the Nigerian Representative Office, which was commissioned by the Executive Governor of Lagos State with the Consular General of the PRC in Lagos Nigeria”.
The partnership between LCCI and CABC will position members of the chamber as primary benefactors of this trade and investment alliance offered by the FOCAC and AFTCA in driving the economic advancement and Industrialisation of the Nation through deliberate strategic partnerships and collaboration fostered by this agreement.
On his part, President of the LCCI, Dr. Michael Olawale-Cole said the MoU will further improve bilateral and diplomatic relations between our two countries. He describes the partnership as historic and significant and would also strengthen International Trade Relations.
‘’This MoU he said will unlock investment opportunities for both economies and will strengthen relationships between our two institutions.
Nigeria is Africa’s largest economy with a GDP of four hundred and fifty billion dollars ($450,000,000,000) and a population of two hundred million’’.
President Olawale-Cole added “according to the national bureau of statistic, the trade volume between both countries grew remarkably to $16 billion in 2019 from $7.4 billion in 2018. Bilateral relations between both nations have also expanded tremendously on growing bilateral trade and strategic cooperation till date.
The Chinese have shown interest in the Nigeria market, with presence across various sectors of the economy including financial technology, constructions retail and e-commerce and manufacturing.
According to the China Chamber of Commerce in Nigeria, about 200,000 Nigerians are employed by over 150 Chinese companies based in Nigeria. Even till date, China remains a major financier of several developmental projects in Nigeria”.
