Innoson Group, Chinese Partners inject $1Bn through FDI

 

http://www.thebreakingtimes.com/recession-innoson-chinese-partners-inject-1bn-through-fdi/

 

Posted By: Breaking Times on: October 25, 2016        

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The Federal Government’s quest for foreign invest­ments to reflate the econ­omy seems to be paying off.

The Innoson Group of Companies and its Chinese partners have announced plans to invest $1 billion in broadcast media-related and software sec­tors in Nigeria.

Vice President Yemi Osin­bajo, who received the cheering news at the Presidential Villa on Monday, said that the Federal Government will work with the parties to achieve the goal.

The Chairman and Chief Executive Officer of Innoson Group, Chief Innocent Chuk­wuma, led a delegation of Chi­nese investors to the State House, Abuja.

The Chinese firms partici­pating in the project are Shang­dong Broadcasting Group and Shangdong Cable Interactive Services, regarded as leading TV operators, as well as Inspur Group, said to be China’s lead­er in Cloud Computing solu­tion suppliers and Information Technology (IT) services pro­vider.

Innoson and Shangdong Broadcasting Group will in­vest $100 million on technolo­gy-based Direct-To-Home Dig­ital Bing Television Stations in Nigeria.

There is also a credit fa­cility of $300 million for local production and supply of up to eight million Set-Top Boxes for the Digital Switch-Over in broadcasting in Nigeria to meet the target date of June 2017 for full digitalisation.

Another is an investment of $600 million for Smart City Closed Circuit Television (CCTV) camera and IT solu­tions for taxation, using Cloud Computing, and e-Education IT solutions with big data cen­tres in all federal universities and polytechnics in Nigeria.

According to Chukwuma, the Chinese firms have decided to invest the $1 billion in the Ni­gerian economy within the next 12 to 24 months and “every plan to make a success of these pro­jects have been concluded be­tween the parties.”

Osinbajo told his guests that “we are looking forward to working with you in the next few months to realise the plans that you have laid out.”

The VP said: “Manufactur­ing in Nigeria is a primary ob­jective of this government; it is a work we intend to do in the next few years to manufacture and produce in Nigeria as much as we can.”

The Vice President ex­plained that it is because of the administration’s commitment to local production that the in­itiative of Innoson Group to work with Chinese partners is being addressed as a “strategic collaboration.”

The Deputy Minister of the Communist Party in Shan­dong Province and Chairman of the Shandong Broadcasting Group, Mr. Liu Baoju, and Mr. Huang Gang, Senior Vice Pres­ident of Inspur Group, attend­ed the meeting with Vice Pres­ident Osinbajo.