Business Hilights
Tracking Nigeria's Headline Business News Online

W’Bank’s latest blacklist of Chinese firms may frustrate AEC’s Beijing tour

To support growing energy cooperation and investment between China and Africa, the African Energy Chamber (AEC) is organizing a working visit to Beijing this week.

However, there seems to be a drawback as latest release of names of blacklisted Chinese companies involved in grafts deals by the World Bank especially Chinese companies in the oil and gas sector may frustrate discussion as discussions with the companies may not receive World Bank’s support.

This is based on the fact that the global bank made it clear that based on its report; it is suspending any form of support or involvement with projects associated with the barred firms in any industry both construction and oil and gas.

But in high hopes, led by Executive Chairman, Nj Ayuk, the delegation from the Chamber will be meeting with CEOs and Chairmen from China’s state-owned energy companies and the private sector, along with key industry associations in China.

Business Hilights gathered that the visit aims at further introducing the Chamber to the Chinese market following a series of roadshows organized in China by the Chamber over the past two years and increasing demand for investment information on Africa by Chinese investors.

In his comments, Mickael Vogel, Director of Strategy at the Chamber, said “The investment appetite of Chinese companies for Africa is only getting stronger given current international trade and business dynamics.”

“We are receiving an increasing number of requests from Chinese companies to join the Chamber, especially to gain access to the latest investment opportunities in Africa, and to credible and reliable information on African energy markets. Our visit will be consolidating several relationships we have developed over the past two years and will lead to discussion on major energy deals for Africa.”

Recall that in 2018, Chinese President Xi Jinping pledged an additional $60bn for African development over the next three years during the Forum on China-Africa Cooperation. Traditionally, a large majority of Chinese investments have been made in energy and transport, especially oil & gas, power, mining, railways and airport infrastructure.

Besides, as Chinese investment into Africa increases, the Chamber is assisting several Chinese companies in navigating Africa’s fast growing energy markets. The move is part of the Chamber’s support to a large and expanding base of investors seeking to do business in Africa, mostly from China, Russia, India the Middle East and Turkey.