$1trn economy: NACCIMA woos Chinese investors to boost industrialisation

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) is actively seeking Chinese investment to fuel Nigeria's industrialization and economic growth. The association announced its third Business and Investment Forum, scheduled to coincide with the 140th Canton Fair in Guangzhou, China.

This initiative directly supports President Bola Tinubu's "Renewed Hope Agenda," aiming to transform Nigeria into a $1 trillion economy by 2030. NACCIMA emphasizes the need for Nigeria to shift from a consumption-based economy to one driven by value addition and local manufacturing. "Nigeria has the population, natural resources, entrepreneurial spirit and strategic location to serve as the gateway to the African market," stated NACCIMA's Public Relations Officer, Mrs. Madinat Adigun-Oladotun.

Adigun-Oladotun stressed that achieving industrial aspirations requires prioritizing local manufacturing, innovation, and value-added processing while reducing import reliance. She highlighted the need for increased investment, improved infrastructure, better access to finance, advanced technology, and stronger international partnerships. Previous forums have already fostered collaborations with the China Chamber of International Commerce (CCOIC) Guangzhou, leading to investment opportunities in sectors like automobile manufacturing, agribusiness, and renewable energy.

NACCIMA is urging government officials and private sector stakeholders to join the trade mission. They aim to attract quality investments, facilitate technology transfer, boost local manufacturing, and create sustainable jobs. By leveraging Guangzhou's status as a global manufacturing hub, Nigerian businesses can forge strategic partnerships to accelerate the nation's industrial and economic development.

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Nigeria has the population, natural resources, entrepreneurial spirit and strategic location to serve as the gateway to the African market. To become an economic powerhouse, we must deliberately accelerate industrialisation by prioritising local manufacturing, innovation, value-added processing and reducing our dependence on imports.