P
ProfRem
Guest
Full speech of president Muhammadu Buhari speech at the Nigeria-China business forum during his visit to the republic of China has been released to the public.
Read...
"It is a great pleasure for me to address this special gathering of the Nigeria – China Business Forum. Indeed, business and trade between Nigeria and China has seen astronomical growth in the last decade alone with bi-lateral trade volumes rising from USD2.8 billion in 2005 to USD14.9 billion in 2015.
2. Ladies and gentlemen, Nigeria accounted for 8.3 per cent of the total trade volume between China and Africa and 42 per cent of the total trade volume between China and the Economic Community of West African States (ECOWAS) countries in 2015. This is a clear reflection of Nigeria’s position as the largest economy and most populous country in Africa.
3. Of course, I must congratulate many of you in this room for making this happen.
4. The relationship between the Governments of Nigeria and China over the years has been mutually beneficial guided by trust, respect and friendly relations. I therefore hope that the relationship between businesses from both countries will also be conducted in the same spirit.
5. Although the Nigerian and Chinese business communities have recorded tremendous successes in bi-lateral trade, there is a large trade imbalance in favour of China as Chinese exports represent some 80 per cent of the total bilateral trade volumes. This gap needs to be reduced.
6. Therefore, I would like to challenge the business community in both countries to work together to reduce this large trade imbalance. You must also imbibe the spirit of having a mutually beneficial relationship in your business transactions. You must not see Nigeria as a consumer market alone, but as an investment destination where goods can be manufactured and consumed locally.
7. Last year during our meeting in New York, President XI Jinping and I agreed to explore ways of practical cooperation in trade, investment, finance, human resources, agriculture, and fishing. We also agreed to strengthen industrial capacity cooperation in the manufacture of cars, household appliances, construction materials, textiles, food processing, and others. This is in line with federal government’s focus on import substitution through the creation of a diversified and inclusive economy that will meet most of our consumption needs.
8. We are committed to supporting investors looking to set up manufacturing and processing facilities in Nigeria. This is evident by the appointment of a former investment banker and private equity specialist as my Minister of Industry, Trade and Investment. As someone with experience of investing in Nigeria, he has first-hand knowledge of the challenges investors face when coming to Nigeria.
9. Already, the Ministry of Industry, Trade and Investment is working on projects and programs that will correct the wrongs of the past and enhance the ease of doing business in Nigeria. This will be complemented by investment tax incentive programs, our public sector reform initiatives as well as our zero tolerance stance on corruption.
10. We also have an aggressive but realistic infrastructure development program that forms the backbone of our economic diversification policy. We are embarking on major power, road, rail, seaport and airport development programs. Our budget and borrowing plans have made significant provisions for these capital projects that will enhance the competitiveness of manufacturing businesses in Nigeria.
11. Ladies and gentlemen, the future is bright and I am very confident that our policies will make Nigeria the investment destination of choice.
12. Of course, many of you will have concerns about the security situation in Nigeria. The Boko Haram insurgency, at its peak, controlled over 14 local governments in the North East. Today, I am pleased to announce that this administration, working with our friends and allies, is winning the war against Boko Haram. We have reclaimed all the lost territories in the North East and have significantly weakened the enemy.
13. We have done our best to accommodate the displaced persons and have started working on strategies for post conflict rehabilitation and resettlement of the affected communities.
14. To consolidate on these successes, we allocated close to 20 per cent of our total 2016-budgeted expenditure to the Ministries of Defence and Interior and as well as other security agencies. We are committed to protecting all lives and property within our borders. You can therefore rest assured that your investments in Nigeria will be safe and secure.Already, the Chinese “Go Global” strategy has encouraged large influx of Chinese companies into Nigeria in recent times to take advantage of investment opportunities in various sectors of our economy. It is therefore my hope that our interactions here today will further enhance Nigeria – China business relations in a mutually beneficial manner".
Read...
"It is a great pleasure for me to address this special gathering of the Nigeria – China Business Forum. Indeed, business and trade between Nigeria and China has seen astronomical growth in the last decade alone with bi-lateral trade volumes rising from USD2.8 billion in 2005 to USD14.9 billion in 2015.
2. Ladies and gentlemen, Nigeria accounted for 8.3 per cent of the total trade volume between China and Africa and 42 per cent of the total trade volume between China and the Economic Community of West African States (ECOWAS) countries in 2015. This is a clear reflection of Nigeria’s position as the largest economy and most populous country in Africa.
3. Of course, I must congratulate many of you in this room for making this happen.
4. The relationship between the Governments of Nigeria and China over the years has been mutually beneficial guided by trust, respect and friendly relations. I therefore hope that the relationship between businesses from both countries will also be conducted in the same spirit.
5. Although the Nigerian and Chinese business communities have recorded tremendous successes in bi-lateral trade, there is a large trade imbalance in favour of China as Chinese exports represent some 80 per cent of the total bilateral trade volumes. This gap needs to be reduced.
6. Therefore, I would like to challenge the business community in both countries to work together to reduce this large trade imbalance. You must also imbibe the spirit of having a mutually beneficial relationship in your business transactions. You must not see Nigeria as a consumer market alone, but as an investment destination where goods can be manufactured and consumed locally.
7. Last year during our meeting in New York, President XI Jinping and I agreed to explore ways of practical cooperation in trade, investment, finance, human resources, agriculture, and fishing. We also agreed to strengthen industrial capacity cooperation in the manufacture of cars, household appliances, construction materials, textiles, food processing, and others. This is in line with federal government’s focus on import substitution through the creation of a diversified and inclusive economy that will meet most of our consumption needs.
8. We are committed to supporting investors looking to set up manufacturing and processing facilities in Nigeria. This is evident by the appointment of a former investment banker and private equity specialist as my Minister of Industry, Trade and Investment. As someone with experience of investing in Nigeria, he has first-hand knowledge of the challenges investors face when coming to Nigeria.
9. Already, the Ministry of Industry, Trade and Investment is working on projects and programs that will correct the wrongs of the past and enhance the ease of doing business in Nigeria. This will be complemented by investment tax incentive programs, our public sector reform initiatives as well as our zero tolerance stance on corruption.
10. We also have an aggressive but realistic infrastructure development program that forms the backbone of our economic diversification policy. We are embarking on major power, road, rail, seaport and airport development programs. Our budget and borrowing plans have made significant provisions for these capital projects that will enhance the competitiveness of manufacturing businesses in Nigeria.
11. Ladies and gentlemen, the future is bright and I am very confident that our policies will make Nigeria the investment destination of choice.
12. Of course, many of you will have concerns about the security situation in Nigeria. The Boko Haram insurgency, at its peak, controlled over 14 local governments in the North East. Today, I am pleased to announce that this administration, working with our friends and allies, is winning the war against Boko Haram. We have reclaimed all the lost territories in the North East and have significantly weakened the enemy.
13. We have done our best to accommodate the displaced persons and have started working on strategies for post conflict rehabilitation and resettlement of the affected communities.
14. To consolidate on these successes, we allocated close to 20 per cent of our total 2016-budgeted expenditure to the Ministries of Defence and Interior and as well as other security agencies. We are committed to protecting all lives and property within our borders. You can therefore rest assured that your investments in Nigeria will be safe and secure.Already, the Chinese “Go Global” strategy has encouraged large influx of Chinese companies into Nigeria in recent times to take advantage of investment opportunities in various sectors of our economy. It is therefore my hope that our interactions here today will further enhance Nigeria – China business relations in a mutually beneficial manner".
