As part of efforts to deepen and strengthen the strong relations between Nigeria and China, the Lagos Chamber of Commerce and Industry (LCCI), has received a 20-person delegation from the China Council for the Promotion of International Trade (CCPIT) and Guangzhou Chamber of Commerce, at the Commerce House in Lagos.

CCPIT president, Yang Yong, led the delegation.

China-Nigeria relations, which dates to the early 1970s, has progressed significantly in recent years, hitting almost $18 billion in the first three quarters of the year.

Currently, Nigeria is China’s third largest trading partner in Africa, while China is Nigeria’s largest source of imports.

Speaking, Yong praised the resilient entrepreneurial nature of Nigerians, adding that about 30 percent of Guangzhou’s trade with Africa was with Nigeria. He said the Guangzhou Chamber of Commerce was ready to collaborate with the LCCI to increase the volume of trade between both countries.

LCCI President, Dr Michael Olawale-Cole in his remarks, highlighted several areas for investment in Nigeria including agriculture, housing, transportation and renewable energy. He stated that Nigeria was open and ready for investments and the LCCI was ready to support all aspiring investors.

Director-General, LCCI, Dr Chinyere Almona, said the timely meeting provided the opportunity for LCCI and members of the delegation to reaffirm their joint commitment to the progressive improvement of trade, industrial, and other ties between China and Nigeria; foster friendships and understanding between the business communities of both countries as well as promote cooperation in trade, investment, technology transfer, services and industry between both business communities.

The outcome of the meeting was an agreement for a Memorandum of Understanding to be signed between LCCI, CCPIT and the Guangzhou Chamber of Commerce. Key planned activities will include trade missions, technical training, B2B sessions and continuous engagement between all the parties.