A trade mission of 38 Chinese entrepreneurs and government officials visited Free Trade Zones (FTZ) in Lagos State and Ogun State in late August with a view to establishing businesses in Nigeria. The group hailed from Wenzhou city in the east China province of Zhejiang and had business interests in clothing, shoes, electrical appliances, building materials and agriculture.
In addition to attending a series of investment and trade talks, two of the Chinese companies signed investment agreements valued at $25 million in Ogun-Guangdong, in the production of ceramic tiles and tyre recycling.
Located in Ogun sate, north of Lagos state, the Guangdong FTZ is one of eight overseas free zones approved by the Chinese ministry of commerce. Supported by both Chinese and Nigerian governments, the trade zone is designed and operated by the state-owned China-Africa Investment company.
The FTZ promotes trade in agriculture, ceramics, furniture, metal, timber processing and pharmaceuticals.