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Tuesday, July 9, 2024

LABOR REGULATIONS FOR INVESTMENT



Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, has urged foreign companies and potential investors to adhere to Nigeria's labor regulations in line with international best practices while conducting business in the country. Kalu made this appeal during a courtesy visit from a delegation led by Mr. Wang Luming, Chairman of the Standing Committee of Qingdao Municipal People's Congress, China, to his office in Abuja on Monday.


Describing Qingdao as China's powerhouse in shipbuilding and construction, Kalu highlighted Nigeria's strong diplomatic ties with China, noting their successful collaborations on mutually beneficial issues.




Kalu assured that the parliament is committed to creating a more investment-friendly business climate through legislative interventions. He stated, "The House of Representatives is eager to engage in meaningful discussions with the Qingdao Municipal People’s Congress as part of our core engagements to actualize the House’s 8-point legislative agenda, particularly through business and investment-friendly legislative frameworks and oversight. By working together, we can unlock a future of mutual benefit."


Kalu emphasized the importance of understanding shared interests, strengthening economic partnerships, and facilitating opportunities for Qingdao enterprises in Nigeria. He highlighted the potential for collaboration in building infrastructure, manufacturing, trade, vocational training, and cultural exchange.




Expressing gratitude to the Ndigboamaka Progressives Market Association for facilitating the meeting, Kalu reaffirmed the House's commitment to providing a conducive legislative environment to support joint initiatives and encourage growth and prosperity for both nations.


He stated, "We will use legislative interventions to review and structure laws to make you comfortable investing in this country. Our trade officer will liaise with your organizations to identify challenges, bring them to our attention, and use the law to address them."




Kalu also stressed the importance of foreign companies complying with Nigerian labor laws, noting, "We have observed that some companies in Nigeria are not complying with our labor laws regarding the welfare of their employees. It’s crucial to adhere to these regulations as we welcome more companies to Nigeria."


In his response, Mr. Wang Luming expressed Qingdao's interest in synergizing with the Nigerian government in technology, vocational education, and talent training to address unemployment in Nigeria.

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