State governments are seeking foreign investments into their economies. The governments at an investment and financing summit highlight why their states are choice investment destinations.
Lara Afolayan reports that Nigeria’s vast natural deposits are domiciled in the states but such deposits remain largely unexplored.
This is in spite of the several calls on state governments to stop total dependence on the federation account.
Alternative revenue sources beyond oil are gradually pushing up monthly allocations to the states at a time of economic recession.
But the states now appear determined not to leave anything to chance.
The Chinese authorities say their willingness to invest in Nigeria’s states and local governments is to allow for community development.
Past investments from China into Nigeria have seen major utilization of Chinese manpower instead of Nigerian locals.
Investment experts at the event say the states should properly negotiate with China before signing any agreement.
The Nigerian authorities pledge total support to making the chinese investments thrive whenever they come on board.
The investment expectations from China at the forum are huge and participants expect the investments to help bridge Nigeria’s infrastructure gap and boost its production capacity.