Oxford Business Group (OBG) a global publishing and consultancy company recently revealed that China accounts for roughly 25 per cent of Nigeria’s inbound Foreign Direct Investment (FDI), equivalent to roughly $6.1billion (N988.2 billion).
OBG added that an increase in Chinese FDI would go some way towards creating the manufacturing base that Nigeria is keen to establish, and would ostensibly help address the trade imbalance between the two countries.
OBG’s report was supported by recent data released by the National Bureau of Statistics (NBS) that showed that China was the country’s second largest source of imports for the first six months of 2011.
“About N737 billion ($4.57 billion) of goods entered Nigeria from the Asian giant during the first two quarters of the year, equivalent to about 11 per cent of total imports. Exports to China for the same period were smaller, at N390 billion ($2.42 billion), or about 6 per cent of the total. Nonetheless, China was overall the second-largest trade partner for Nigeria during the first two quarters of 2011, second only to the United States,” NBS reported.