DIANA CHAN HAS BIG PLANS for Nigeria. Casting her gaze over a fleet of brand new GAC Motor cars neatly parked outside her head office in Ligali Ayorinde, Victoria Island, Lagos, Chan can visibly see her years of hard work and investment into Africa’s most populous economy starting to pay off.
“We just received our new fleet of GS8 cars from China today and we are donating one to the Lagos state government. We also support various arts and culture initiatives as well as sporting events in Lagos,” says Chan. A born entrepreneur, Chan’s journey to
West Africa followed an assignment six years ago, when Chan was looking for a new market for her LED rechargeable torchlights and fans.
In 2016, hungry for more adventure, she packed her bags and headed for Nigeria, where, with no business network, set up the African chapter of China’s leading automobile manufacturer, GAC Motor.
Chan is one of hundreds of thousands of Chinese citizens who have ventured into the land of milk and honey.
Popular estimates are that there are over a million Chinese migrants in Africa.
Chan sees in Nigeria a raw energy and ambition that if properly harnessed can be a force to be reckoned with.
“China is completely over-saturated and there is not a lot of opportunities there to make a big fortune, not like it is in Africa, especially Lagos,” she enthuses. “Most Chinese brands are looking outside China to make more money as competition is tough back home.”
The influx of Chinese entrepreneurs is by no means limited to Nigeria. According to a 2017 report by McKinsey, there are some 10,000 Chinese companies operating in Africa, including 920 in Nigeria and 861 in Zambia with the value of African industrial output handled by Chinese businesses estimated to be about $500 billion.
This story is from the October 2019 edition of Forbes Africa.
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This story is from the October 2019 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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