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       #Post#: 34--------------------------------------------------
       Nigeria Business Council hails China ties
   DIR By: Ebenezer
       Date: July 26, 2013, 7:40 pm
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       The Chief Executive ofthe Nigeria-China Business Council (NCBC),
       Matthew Uwaekwe, commended Chinese companies for investing in
       the country.
       Addressing journalists at an interactive session organisedby the
       Council in Lagos, Uwaekwe welcomed a number of Memorandums of
       Understanding (MoUs) have been signed between the council and
       its Chinese counterparts.
       He also welcomed the loans China had secured for companies in
       the West African country.
       China has made available loans worth $3 billion, based on
       interest rates of less than 3 percent over a 15-20 year period
       is to build infrastructure in Nigeria.
       Among projects to benefit from the loans are the Yankari
       Independent Power Project, several projects for improvements in
       the aviationindustry and the Lagos State Government.
       “I am happy to say that a number of Chinese companies in areas
       of agriculture, textile, household good etc have invested in the
       Nigerian economy and many are still indicating their interest to
       come to Nigeria," Uwaekwe said.
       Nigeria and China relations date back to the 1970s.
       Nigeria has since become an important source of oil and
       petroleum for China's rapidly-growing economy and Nigeria is
       looking to China for help in achieving high economic growth.
       Nigeria's debt to China currently stands at $3.8 billion.
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