Chinese investors are catching up with the UK in Nigeria

Chinese investors are catching up with the UK in Nigeria, Africa’s largest economy, with at least one shareholder in 3,321 firms.

According to a report by Asoko Insight, out of the 2,794,840 registered companies in Nigeria as at August 2018, 3,321 companies have at least one Chinese shareholder.

China is comfortably competing with the UK which has at least one shareholder in 3,400 companies compared to Chinese investors in 3,321 companies.

Here is a chart showing the total number of Nigerian firms as at August 2018 and the number of shareholders of each nationality:

Other leading partners in Nigeria include US, Saudi Arabia India, France, Spain, South Africa, Belgium and the Netherlands.

Last week, African leaders gathered at the 2018 Forum for Africa – China Cooperation, FOCAC summit to strengthen relations and bilateral trade.

At the summit, Chinese President Xi Jinping pledged a total of $60 billion in funding for projects in Africa.

Despite warning from international financial institutions and the United States over Chinese loans, African leaders believed it is the best thing at the movement for the developmental process.

Ibe Kachikwu, Nigeria's minister of state for petroleum resources told Bloomberg during the summit that China has an edge over the US and UK in Africa because it is providing what Africa needs.

Kachikwu believed Africa needs a lot of development fund and China is able to provide it, beating US, European and the British governments.

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Chinese investors are catching up with the UK in Nigeria