Nigerian President Olusegun Obasanjo said Wednesday night that Nigeria welcomes China to make more investments to help Nigeria develop industrial sector.

Delivering a speech at a banquet in the capital Abuja in honor of Chinese President Hu Jintao, Obasanjo spoke highly of China's policy of establishing industries in Nigeria rather than wholesale exportation of finished products.

The Nigerian government and people "salute the bold steps taken by Chinese investors in some vital sectors of Nigerian economy, particularly in the productive and infrastructural sectors," he said.

"China's success story .. is a result of the fiscal prudence, shrewd economic management and aggressive productive economic policies," he added.

Obasanjo said with Nigeria's external debt to the Paris Club paid off, Nigeria has put in place a number of incentives to attract foreign investors to work on it rich natural resources with its vibrant human resources.

President Obasanjo stressed that Nigeria's investment climate has been improved a lot as its rating has been raised to BB by the world financial experts.

He promised that Nigeria is "very safe for the investment" in productive ventures that will further bring handsome returns and enrich the capabilities of both the Chinese and Nigerian peoples.

Hu Yuji, head of the commercial office of the General Consulate of the P.R. China in Lagos, told Xinhua that China has in the past few years invested more than 30 million U.S. dollars in setting up some 30 wholly-owned, joint-venture and co-management enterprises in Nigeria.

Kaiyuan International Co., Ltd., set up two years ago with an investment of 6 million dollars, is China's first factory in Nigeria producing air condition machines which sell well in Nigeria.

According to Hu Yuji, Chinese-made motorcycles have occupied 90 percent of Nigeria's market.

Source: Xinhua