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  • News - North Central - FCT
  • Updated: May 18, 2024

Nigeria safe for investments, Tinubu assures Chinese Investors

Nigeria safe for investments, Tinubu assures Chinese Investo

President Bola Tinubu has affirmed Nigeria's status as a secure investment destination, vowing full support for business prosperity under his leadership.

This commitment was reiterated during a meeting with a delegation headed by Dai Hegen, chairman of the China Railway Construction Corporation, CRCC, at the State House. 

Tinubu assured the Chinese executives of the safety of their investments in Nigeria and pledged to enhance the country's business climate. He expressed eagerness to deepen collaboration with CRCC, emphasizing plans for infrastructure upgrades and facility enhancements to foster economic growth.

“I have listened to you carefully. Your operation is consistent with our objectives. We are reforming the economy and taking crucial actions to ensure accelerated growth.

“The CRCC, with its subsidiary, CCECC, is a leading company and one of the best partners to work with. I am happy that you are partnering Nigeria in so many areas, particularly in rail construction.

“We will do everything required to ensure that the rail link between the Ibadan end of the Lagos-Ibadan railway and the Federal Capital Territory is completed. We must connect the hinterland with our coastal seaports.

“I am proud of what I started as Governor of Lagos State with the Lekki Free Trade Zone.

”It is now a flourishing environment. It is important to give you the assurance that we will do well to strengthen our partnership and relations,” Mr Tinubu said.

The president commended the corporation, particularly its subsidiary, China Civil Engineering Construction Corporation (CCECC), for its efforts in delivering value on infrastructural projects in the country.

Mr Tinubu encouraged the corporation to also explore other avenues of cooperation, especially in solid minerals.

“The door is open for partnership, and partnership that will add value to both sides. Solid mineral development is the next frontier for mutually-beneficial growth and collaboration.

“We need each other. The sustainable path to success is a two-way street.

”We assure you that your investment is safe in our country. Once you succeed here, I know your reputation in other countries will be further strengthened,” the president said.

In his remarks, the chairman of the CRCC, highlighted some of the projects in the works and those completed by the corporation.

“In the railway construction sector, the Kano-Kaduna Railway is 39 percent completed and is on course for completion in the second quarter of 2026.

”The Abuja-Kaduna Railway and Lagos-Ibadan Railway have carried approximately 9 million passengers since they were completed and commissioned.

“Freight services have officially commenced along the Lagos-Ibadan axis since September 2023, and a total 180,000 tons of cargo have been transported,” he said.

Hegen also said the corporation has signed investment cooperation agreements with 119 companies, stimulating investments of $3 billion and creating 4,000 direct jobs for Nigerians, as well as paying 125 million dollars in taxes.

He extended the invitation of the Chinese government to Tinubu to attend the Forum on China-Africa Cooperation, FOCAC, to further deepen cooperation along mutual areas of interest.

“With the support of Your Excellency, we plan to increase our investments in key areas, such as agriculture, power, solid minerals, natural gas, and renewable energy technologies to promote the economic development of the country,” the CRCC chairman added.

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