65% of Chinese firms in Nigeria, not documented

A global consulting firm, Mckinsey, says out of the 930 Chinese companies operating in Nigeria, only 317 are documented by the Chinese Ministry of Commerce.

According to a new research report titled, ‘Lions on the move II: Realising the potential of Africa’s economies’, there are over 10,000 operational Chinese firms spread across the manufacturing, construction, trade, services and real estate sectors in Africa.

Mckinsey said these firms had employed 300,000 local workers and as at 2015, a third of them reported about 20 percent profit. It said their total revenue came to $180bn, which could rise by 38 per cent to $250bn by 2025 or more than double to $440bn.

Despite the Chinese presence in Nigeria, the organisation said only Ethiopia and South Africa had a high level of engagement, _The Cable reported.

UCJ, UNILORIN.