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Chinese official: China Nigeria see improved trade relations

(Xinhua)
Updated: 2008-09-24 16:36

Trade relations between China and Nigeria have improved in recent years, a senior Chinese official said in Abuja on Tuesday.

Chen Jian, Chinese vice commerce minister, made the remarks while leading a delegation to Nigeria's Ministry of Mines and Steel Development.

Trade volume between the two countries hit $4.3 billion last year, he said.

"Bilateral trade is on the increase as more Chinese investors have demonstrated willingness to invest in Nigeria," Chen said.

He added that the Chinese government is implementing an eight-point plan to further strengthen economic cooperation between China and Africa.

The plan includes the provision of $5 billion in loans to less developed African countries which have bilateral relations with China, Chen said.

In addition, about $5 billion will be earmarked to support Chinese entrepreneurs' investments in Africa and promote capacity building in the agriculture and health sectors.

Other areas of cooperation are the construction of a state-of-the-art conference center for the African Union, the establishment of 10 agricultural centers across Africa with 130 experts to build capacity, and grants to help fight malaria in Nigeria.

The plan, adopted at the China-Africa Cooperation Summit held in Beijing in 2006, will be implemented before the end of 2009, Chen said.

Meanwhile, the Nigerian minister of mines and steel, Sarafa Isola, said Chinese investors have shown tremendous interest in exploiting minerals in the country.

Various legal and institutional frameworks had been put in place to regulate the sector and ensure best global practices, he said.