In 2019, Nigeria was ranked the seventh most populated country in the world with a population estimation of 203.42 million
Top Economic Sectors in Nigeria Dominated by the Chinese
In 2019, Nigeria was ranked the seventh most populated country in the world with a population estimation of 203.42 million. 70% of the west African market is represented by Nigeria. Nigeria remains the most competitive investment destination for businesses.
China has positioned itself, leveraged the large population, and released large businesses and investors into the Nigerian market.
From garment making, textile, consumables, automobile, furniture, and household appliances to fintech. The Chinese are in almost all sectors and everywhere in Nigeria.
The Chinese investment in Nigeria today is worth over $20 billion.
In a recent interview, Ye Shuijin, said over 200,000 Nigerians are employed by Chinese firms and said the estimate of Chinese investment in Nigeria is $20 billion. He stated the Chinese workforce in Nigeria is about 95%.
Fintech
The financial technology sector in the country has become a spot for the Chinese in Nigeria. The Chinese lend apps to digital payment platforms like PalmPay and Opay. They are kings in the industry.
According to recent reports, more than $10 million is made by Opay daily in transactions through its agents.
Manufacturing
Lots of Chinese firms are competing with Nigerian colleagues in the manufacturing sector. Western Metal Products Company Limited (WEMPCO) is a Chinese-owned multi-billion naira integrated mill located in Magboro. It is the first in Africa.
The steel manufacturing plant possesses a capacity to produce 700,000 metric tonnes of machinery.
Transportation
The transport sector is also dominated by the Chinese. For example, the Lagos Ibadan rail-way contract worth $1.49 billion was awarded to China Civil Engineering Construction Corporation (CCECC), a Chinese company.
$10 billion power project
Chinese firms are participating in three major projects in Nigeria's energy sector. These projects are estimated at $10 billion.
In Taraba state, the Mambilla hydroelectric power plant will distribute electricity of about 3,050 Megawatts. Amid trade increase between Chinese and Nigeria, Chinese Banks mull Nigerian Operations.
Earlier it was reported that Cui Jianchun, the Chinese Ambassador to Nigeria, said some Chinese banks are considering the option of setting up operations in Nigeria to take advantage of the increasing transactions between both countries.