March 17th, 2021

China-Africa Business Council Berths in Nigeria-Implications for Africa

By : Prisca Sam-Duru

China and Africa’s bilateral relationship received a boost recently, with the commissioning of the first China-Africa Business Council, CABC offices in Africa. Headquartered in China, CABC was set up for the economic development of Africa.

The three newly unveiled offices- China–Africa Business Council, Nigeria; Belt & Road Service Connections Centre and, Belt & Road Mediation Centre, which were launched in Lagos, Nigeria, as the first of CABC’s offices in Africa will no doubt increase the cooperation between Nigerian and Chinese companies.

Recall that the then Secretary-General of the United Nations, Mr Kofi Annan proposed the establishment of the China-Africa Business Council, CABC, in 2004 for the sole purpose of developing the economy of the continent. The CABC was eventually established in 2006 with the central leaders’ approval and the Ministry of Civil Affairs. Ever since then, the Council has been actively responding to the forum’s measures on China Africa Corporation, FOCAC. It has also, within a decade, received over 100 delegations from 35 African countries as well as organised visits to 36 African countries.

“With the support of the All-China Federation of Industry and Commerce, CABC submits suggestions to the governmental agencies based on the companies’ opinions and demand, searches international opportunities for its members, provides consulting on investment financing and promotes self-discipline among the members”.

Governed by the principle of “Respecting culture, combining generosity with profit and promoting win-win cooperation”, the offices in Nigeria will foster stronger ties between Chinese and Africa business people, which will, in turn, boost their economies.

Since its establishment, “over 500 member companies of CABC, including China-Africa Development Fund, Shenzhen Energy Group and Huajian Group, have operated in 51 African countries and made investments in 36 African Countries, hiring over 70,000 local employees and creating more than1.5 million jobs”. With the CABC’s devotion to promoting public benefits in Africa, it is believed that the launch of the three representative offices in Lagos will fast track the much-desired growth, especially Africa’s.

Speaking during the commissioning of the offices, the host, Diana Chen, disclosed that the purpose of setting up a representative office here in Lagos “is to develop the membership of not only the Chinese enterprises but also enterprises that are looking for business opportunities and investment in China.”

According to her, the CABC, with headquarter in China, was set up to incorporate Nigerian Companies as members with their representative office in Nigeria, stressing that they also aim at enhancing the cooperation between Nigerian and Chinese companies into a more integrated and efficient platform.
Her words, “The aim is to enhance and develop the cooperation between Nigerian and Chinese Companies into a more integrated and efficient platform and to increase the number of reliable, high performing and high-quality Nigerian companies joining the Council’s office in Nigeria.”

The landmark event was attended by the Executive Governor of Lagos state, Babajide Sanwo-Olu; the Consul General of the PRC in Nigeria, Mr Chu Maoming; Mr Odein Ajumogobia, Principal Partner of Ajumogobia and Okeke Law Firm and former Minister of State in Nigeria; Dr Linus Idahosa, the Vice Chairman of the Choice International Group (CIG); Moyo Onigbanjo SAN, Attorney General and Commissioner of Justice, Lagos State and Special Advisor on Sustainable Development Goals and investment, Mrs Solape Hammond.