Lagos — Chief Executive Officer of Nigeria-China Business Council, Matthew Uwaekwe, has disclosed that the council has brought in 45 international investors, 10 out of which have shown interest in investing in the Osun State Independent Power Project (IPP).

Uwaekwe disclosed this while speaking with journalists at the Presidential Lounge, Murtala Muhammed Airport (MMA), Lagos.

The investors, he said, showed interest in investing on the IPP in Osun State, adding that some Chinese investors are also interested in investing in tricycle.

He said the council has secured a loan of $10 million, adding that Nigeria can only be stable when the economy stabilises.

On the number of states the council is relating with, he said the council is in contact with Ebonyi, Cross River, Osun, Akwa Ibom, Bauchi, Niger and Delta states.

The Nigerian-China business council CEO argued that a country with high interest rate couldn't develop rapidly, as it would scare investors from the country.

He berated state government for deceiving the governed, warning that the idea of the state government telling the people that it wants to borrow money for projects would further retard the growth of the state.

China, he said, should not be held responsible for the trade imbalance between Nigeria and China, adding that Nigeria must wake up to the realities and streamline the business between both countries.

Nigeria and China, he disclosed has signed a Memorandum of Understanding (MoU), which according to him stipulates that both countries should not allow substandard products into both countries.

The council boss said during their visit to China, they visited about five companies and those specifications of their products were shown to them.

Small and Medium Scale Enterprises (SMEs), he argued is the hub of any economy, and therefore advised government to concentrate on the SMEs.