Tuesday, Jan 26th 2021 12:50 PM

Market Digest Nigeria


CCECC reveals that they have invested over $2b in Nigeria

The Managing Director, China Civil Engineering Construction Corporation Nigeria Ltd., Mr Han Shuang, has said that the total investment of his firm in Nigeria is above $2 billion.

Shuang disclosed that the CCECC has signed investment agreements with 84 firms, adding that it was contributing $325 million in exports to the nation’s economy while creating output value totalling $326m.  Speaking during the presentation of the CCECC Corporate Social Responsibility Report 1981-2020 in Abuja, on Wednesday, the Chinese expatriate explained that the construction giant was leveraging on its business and resource strength to meet local development needs in support of the implementation of the Nigerian National integrated Master Plan and the Economic Recovery Growth Plan 2017 -2020.

According to him, since entering the Nigerian market in 1981, CCECC has actively deployed resources and business strength in providing Nigeria with high-quality services relating to infrastructure construction. He said, “At the moment, the company has launched businesses in 29 states across Nigeria, covering railways, airports, highways, bridges, municipal projects, housing projects, water projects, and so on. CCECC has successively undertaken and completed many key infrastructure.”

“Our total investment is expected to exceed $2bn and we are creating more than 20,000 jobs; paying a total of $46.67m taxes, fees and contributing $325 million in exports to Nigeria. We have attracted a total of $420m in foreign direct investment,” Shuang disclosed. Speaking on the impact of rail transport on the economy, the Director, Centre for China Studies, Mr Charles Onunaiju, called on the National Assembly to quicken the amendment of the Nigeria Railway Corporation Act to remove the railway from the exclusive legislative list.

Source: Vanguard

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