Nigeria: $1trn Economy - Naccima Woos Chinese Investors to Boost Industrialisation

What the report says

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has announced the third edition of its Business and Investment Forum in Guangzhou, China, according to Vanguard’s report distributed by AllAfrica. The forum is planned for the sidelines of the 140th Canton Fair and is intended to draw sustainable foreign direct investment into Nigeria as the country seeks to advance its industrialisation agenda and support the federal government’s goal of a $1 trillion economy by 2030.

NACCIMA said the event is meant to connect Nigerian businesses with Chinese investors, manufacturers, industrialists and executives in sectors such as manufacturing, agribusiness, renewable energy, pharmaceuticals and industrial parks. The association’s public relations officer, Madinat Adigun-Oladotun, said the effort aligns with President Bola Tinubu’s Renewed Hope Agenda and is aimed at making Nigeria a stronger destination for investment and industrial development.

In the report, Adigun-Oladotun argued that Nigeria needs to move away from a consumption-led model toward more local value addition, manufacturing and processing. She said deeper industrial growth would depend on stronger infrastructure, easier access to finance, technology transfer and international partnerships.

NACCIMA said earlier editions of the Guangzhou forum helped build ties with the China Chamber of International Commerce in Guangzhou, with support from Nigeria’s consul general there. The association is urging government and private-sector stakeholders to take part in the mission as it seeks quality investment and job creation.