Demand for goods, machinery and more makes nation the second-largest African partner
The world's eighth-largest oil and gas exporter, Nigeria's socioeconomic development is being fueled by massive Chinese investment in key sectors such as energy, financial services, manufacturing, and technology.
With Africa's most populous country embracing privatization and economic diversification, Chinese enterprises are flooding in and taking advantage of the numerous foreign direct investment (FDI) opportunities.
While Nigeria's oil and gas industry is the main FDI destination, Chinese firms also have a solid presence in the construction, agriculture, education, and service sectors. Chinese investment in Nigeria is now worth an estimated $6 billion.
Increasing demand among Nigeria's 150 million citizens for Chinese-made goods such as motorbikes, textiles and machinery has resulted in the country becoming China's second-largest African trade partner behind South Africa.
The successful strategic partnership based on China's valuable skills, knowledge, and experience is set to strengthen over the next decade as Nigeria looks to achieve its infrastructural, economic and social goals under a development plan it calls Vision 2020
Charged with regulating the banking sector and managing the nation's macroeconomic policies, the Central Bank of Nigeria (CBN) has evolved from a government organization into an independent central bank.
Since 1999, the central bank has overseen major reforms in the financial services sector such as the privatization of government enterprises and a series of consolidations and acquisitions.
'It is in Nigeria's interests to diversify the economy and sources of capital and I would like us to enjoy strong relations with banks in Asia and the Middle East,' said CBN governor, Sanusi Lamido Aminu Sanusi.
'The market needs a combination of indigenous and foreign financial institutions as this increases competition, raises standards and improves the quality of the system.'
By focusing attention on good governance, transparency, and risk management, CBN is building trust in the nation's financial system and helping prepare domestic banks for foreign expansion and global mergers and acquisitions.
'We expect to see significant amounts of capital from China flowing into the construction and oil sectors, with banks trapping these flows,' Sanusi says.
A pioneering player in Africa's financial services sector, Stanbic IBTC Bank Plc was established three years ago through the merger of Stanbic Bank Nigeria and industry giant IBTC Chartered Bank Plc.
Drum dryer:http://www.crusher-machine.com/24.html
mobile crushers:http://www.crusher-machine.com/12.html
- Author Articles
- More From This AuthorHongxing Machinery always adheres to the management policy 'people-oriented, regulation-oriented', since its foundation. We are absorbed in every detail to insure the good quality. The company implements the...Mining equipment has really come a long way in the last few years. You need to make sure that you choose the highest quality of mining tools so that you can keep your costs down and improve productivity....According to the industry policy that our country will give significant support to the development of basic industry like energy, transportation and raw material, as the backbone of these basic industries,...Private machinery enterprise had won the market,Shaking concentrator machine, there is a ready cash to eat. But in the fierce competition in the market always maintain leading position, they must keep the...Sudan, short for The Republic of the Sudan. Sudan is located in the south-east of Africa. It's the biggest country in Africa. The industry in Sudan is backward. And the mining too. The main economy is...
- Related Articles
- Related ArticlesThere are some people who buy property for the purpose residential and commercial use, while there are also those that make property purchases for investment. A property that is bought for the purpose of a...Anyone who's looking to earn money soon, is going to be blown away after they get to comprehend how easy it could be with a business coach by their side. You are able to be sure that newbies and existing...Are you the owner of a small business? The importance of small business tech support cannot be overstated. In today's world, where businesses rely so heavily on technology, don't allow your business to fall...Some people say that Search Engine Optimization is something difficult for them to learn. They say that they have tried their best to understand more about SEO, but they failed. However, there are also some...Chennai is the capital city of the Indian state Tamil Nadu, which is located on the Coromandel Coast off the Bay of Bengal, It is also known as the "Cultural Capital of South India". Chennai is the hub of...
- Latest Articles
- Latest ArticlesMake the choice to go to driving school is one of the best things you can do for yourself and your life. There is a chance that you will be in a situation to drive at some point in their lives, most likely for...Of course, there are many of us who have taught myself how to drive. This can happen when we saw the parent or relative of a car left in a car drive by and we decided to experiment with or without their...So we can do this the easy way or the hard way. I can just tell you what is wrong and how you can fix it in a sentence or two or we can go the long route. Let’s try the short version first: If you are...A Key West vacation is not just about retreating into the lap of Mother Nature and enjoying some moments of solitude. Nor is a Miami holiday only about lazing on the beach. A holiday in the southern part of...Romain Jerome titanic DNA watches are luxury and consist of rare metal commencing the hull of the world’s mainly well-known Cruise lining. THE TITANIC! The dial as well comprises coal that was exposed at...
