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Companies must "pay a premium" to acquire leading companies with good technology and management. They must focus on their core business, their strengths, rather than using M&As to diversify, he said.

Companies that fail to meet the requirement should stop offering new insurance on credit risks, according to the draft.

Companies selling commercial endowment insurances will get support to offer customized services to elderly customers while presenting products and services of entrepreneurial and occupational annuities. Meanwhile, other forms of such insurances will also be boosted, including those covering accidental injuries and long-term care for the elderly.

Competitive Chinese companies are encouraged to conduct cooperation with Nigeria in trade, investment, production capacity and infrastructure projects to achieve win-win outcomes, based on market rules, the premier said.

Company looks to cash in on emerging opportunities from Belt and Road in overseas markets