Chinese investors sign agreement to boost Nigerian economy

A group of Chinese companies with strategic partners in Nigeria on Monday signed a Memorandum of Understanding to establish the latest technology and biggest Direct-To-Home digital television across all states in the West African country.

The MoU was signed by representatives of the Chinese consortium -- Shandong Broadcasting Group Ltd, Shandong Cable Interactive Services Ltd, Inspur Group Ltd, and their local partners, Innoson Group, after the group met with the Nigerian vice-president Yemi Osinbajo, in Abuja, the Nigerian capital.

According to the agreement, moneys agreed by the partners will be injected into various sectors of the Nigerian economy within the next two years.

Osinbajo said the agreement was a welcome development, particularly as it is aimed at contributing hugely to the Nigerian economy and creating more jobs for the teeming youths.

The Nigerian government will set up a committee to see the further negotiations and implementation of the agreement by the Chinese and Nigerian partners, he added.

Leading the Chinese consortium to sign the MoU, Baoju Liu, chairman of the Shandong Broadcasting Group and Shandong Cable Interactive Service Ltd, told Xinhua the group considered Nigeria as a good place to invest because of its huge potentials for business.

The agreement covers digital television cooperation, information and communication technology (ICT) and other sectors.

Innoson Chukwuma, executive chairman of the Innoson Group in Nigeria, told Xinhua the agreement will also see to the local production and supply of minimum five to eight million set-top boxes to support Nigeria's digital switch-over project undertaken by the Nigerian Broadcasting Commission in order to meet the switch-over deadline in June 2017.

Chukwuma said all the necessary approval for the project had been gotten and work will commence immediately. Endit