China Lagos Industrial, Commercial Federation Established in Nigeria

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Last updated at: (Beijing Time) Sunday, September 14, 2003

China Lagos Industrial, Commercial Federation Established in Nigeria

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The China Lagos Industrial and Commercial Federation (CLICF) was officially established on Saturday in Lagos, Nigeria's commercial capital as China-Nigeria bilateral trade and economic businesses were growing by leaps and abounds in recent years.

Addressing the opening ceremony of the newly-established federation, CLICF Chairman Liu Yang said that the establishment of the federation "is a fruitful outcome of common efforts of all Chinese companies and business people in Nigeria" who have played an important role in strengthening China-Nigeria trade and economic cooperation.

Since China pursued a policy of economic reform and opening up to the outside world in 1978, Liu said, more and more Chinese companies and business people have come to Nigeria to develop businesses with their Nigerian counterparts. So have the Nigerian companies and business people.

The past few years in particular have seen fast development of foreign trade and businesses between China and Nigeria, with each year witnessing a total foreign trade volume of over 1 billion US dollars.

According to CLICF Secretary General Wang Zhongqi, the CLICF aims to help Chinese companies and businesses in Lagos handle matters related to Nigeria's policies on taxation, customs, immigration, commodity inspection, public security, among others, to protect their legal rights and interests so as to create a better climate for them to expand their businesses in Nigeria.

Secretary General Wang said that the CLICF would also publish anewspaper named "West Africa Chinese Business News" in Chinese, the first of its kind in West Africa.

As the most populous African country with a population of over 126 million, Nigeria is one of the largest potential markets in Africa, while Lagos, the leading commercial center in Nigeria, is the largest transit port city in West Africa which has the largestand best-equipped deep-water sea ports in Africa.

Statistics from the General Administration of Customs of China shows that China exported more than 800 million US dollars worth of goods to Nigeria, hitting an all time high or an increase of 66.9 percent from the corresponding period of 2002, making Nigeria the third largest trade partner of China in African after South Africa and the Sudan.

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