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Speaker, Lagos Assembly, Ajasa Mudashiru Obasa, has expressed hope that the Republic of China’ s involvement in the ongoing Lagos Trade Fair and investment in the state would promote bilateral operations in terms of investment.
Obasa made the remark at the ongoing Lagos Fair during a presentation by the Shandong Brightway International Exhibition Company, owned by China.
He stated that with the boost in trade, there would be improvement in the states revenue and employment.
This was even as the president of LCCI, Babatunde Ruwáse, noted that China is Nigeria’s largest source of imports, and Nigeria was also one of China’s largest trading partners in Africa.
He said the ties between the two countries continues to wax stronger on growing bilateral trade relations and strategic cooperation, adding that no nation can function effectively practising, autarky, which is a state of being self-reliant.
According to Ruwase, many Chinese investors and enterprises are based in Nigeria, operating in various sectors, including oil and gas, manufacturing, agriculture, steel processing and construction, among others.
He added that the state government recently signed a $629million facility with China Development Bank (CDB) for the completion of Lekki Deep Sea Port project another is the $3.9 billion contract signed by the Federal Government in October with the China Railway Construction Corporation Ltd. for the construction of a new Abuja- Itakpe, Lokoja rail line and others.
On his part, the Chinese Consul General in Lagos, Chu Moaning, revealed that the total trade between both countries stood at USD8.6billion in the first half of 2019. He said this showed the strong relationship in terms of investment in the country and promised to continue.
Obasa equally supported the border closure, saying it would increase local output and patronage, which will, at the end, increase the Gross Domestic Product (GDP) of the nation. He added that the closure would also increase employment and help to eradicate poverty.
“I think its a policy the government has applied to improve local content. Mind you, border closure is beyond Lagos State, it its Federal Government’s policy. It is out of Lagos control. The state has always been on top of the game to make life easy for our people, provide infrastructure, transport, and so on. We have been discussing at the parliament level in a positive way, that the executive can listen to us on this border issue”.
