March 20, 2019

Imo State And Chinese Firm Target Green Investment Opportunities

Imo State And Chinese Firm Target Green Investment Opportunities

A Chinese green industry company, Elion Resources Group, has signed a Memorandum of Understanding (MoU) in Owerri, Imo State as part of its exploration of investment opportunities in Nigeria.

The company’s planned projects, facilitated by Converge Business Limited, are in the areas of desertification control, agriculture and development of new energy resources, a statement from the firm indicated.

Company President, Wang Wenbiao, who was in charge of the delegation to Nigeria, signed the MoU with Imo State State Government in Owerri at the weekend.

Both parties showed their mutual preparedness to unlock and harness the potential of natural gas resources to increase domestic and industrial power supply, raise people’s living standard and support sustainable economic growth and diversification.

The success of the Forum on China-Africa Cooperation (FOCAC) summit in Beijing last month, in which China proposed green development as part of eight new initiatives to strengthen and broaden cooperation with Africa, according to Wang, paved the way for the investment exploration in Nigeria.

The company and the Imo State Government are considering forest restoration, clean energy, electricity, and power based on clean energy as likely areas of cooperation within the shortest possible time.

“I think coming to Nigeria will help in boosting the economy, education and poverty alleviation,” the Elion Resources boss said.

Responding, Governor Rochas Okorocha of Imo State said the desire of Elion Resources to invest in the state would go a long way to solve its power generation challenges. Okorocha said: “Elion can develop the power sector of our economy. All our problems have been that of power, and gas is power. We have been waiting for this long to see who can move our gas into power so that the economic life of the people can change.”


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