Nigeria: Chinese Investors Sign MOU for Construction of 5200 Housing Units in FCT, Others

2 December 2019

A group of investors from China on Monday signed a Memorandum of Understanding (MoU) with a Nigerian firm, Zvecan Consulting and Engineering Ltd, for the construction of 5200 housing units in the Federal Capital Territory (FCT).

The MoU will see the Hebei Province Investors of People's Republic of China carrying out business in Nigeria's infrastructure, health, solid minerals, mines, and agriculture sectors.

Speaking during the MoU-signing ceremony in Abuja, Li Kai Ying, Executive President of Hebei International Investment Promotion Association, told the News Agency of Nigeria (NAN) that China remained committed to achieving targets.

He said the meeting will increase and improve trade agreements and bilateral relations between the two countries.

Mr Li said, "We have brought more than 18 delegates from China that cut across various industries, such as manufacturing, investments, the medical profession, and so on.

"We are here to look out for opportunities in the Nigerian market because the country is the most populous in the continent of Africa. So the more people make up the population the bigger the market.

"So if we really want to come into the African market, Nigeria will be our first choice. We feel so impressed by what we have seen so far and we are happy with the organisers and government's willingness to encourage Chinese investors to invest in Nigeria."

Also speaking, Mohammed Sadiq, Bauchi State Commissioner for Commerce and Industry, who also signed an MoU on solid minerals and agriculture, said the agreement would further deepen their trade relations.

He said they had brought investors that are relevant to key areas of his state.

"We are very interested and we look forward to a more robust economic collaboration. "There are laws put in place by the Federal Government which I think are good enough for investment to thrive.

"I urge the investors to explore platforms provided by the government to their advantage. Bauchi is naturally endowed with a lot of natural and material resources.

"We are looking up to a mutual collaboration to harness this to our advantage," the commissioner said.

He further said that the MoU would help improve not just the state's agriculture, but also food production capacity and security in Nigeria at large.

Nicholas Ogbedo, Managing Director, Zvecan Engineering and Consulting Ltd, said that the organisation through collaboration with Hebei Province investors would deliver affordable houses and roads in the mining sector.

He said the MoU is in the agricultural sector, which deals with the exportation of Nigerian products to China.

"It also includes the mining sector, which will be centred on the technological aspect of mining.

"The MoU involves the collaboration of the Federal Ministry of Trade and Investment and with this, it will help expand our job capacity and technological knowledge transfer," he said.

(NAN)

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