The Federal Government of Nigeria has announced that China is set to encourage more of its companies to invest in Nigeria. This initiative aims to revitalize the Nigerian economy and strengthen the relationship between the two countries. The announcement follows President Bola Ahmed Tinubu’s recent visit to China and Nigeria’s participation in the 2024 Summit of the Forum on China-Africa Cooperation.
During the visit, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, highlighted the strengthening of bilateral relations between Nigeria and China. Several partnership agreements and Memoranda of Understanding were signed during President Tinubu’s official visit, marking a new phase in the relationship between the two nations.
Ambassador Tuggar stated, “Nigeria is eager to enhance its partnership with China in developing energy and mineral resources. We are also looking forward to working with Chinese companies to establish plants in Nigeria to meet both local consumption and export needs.”
China has committed to supporting Nigeria’s economic diversification by fostering investment in emerging sectors such as the digital economy, green development, and agricultural modernization. Both countries have also agreed to collaborate in the blue economy and enhance overall industrial reform.
In addition, Nigeria has welcomed China’s Global Initiative for Artificial Intelligence Governance and the Global Initiative on Data Security. The Federal Government appreciates China’s leadership in advocating for the rights of developing nations in areas like AI, data, and digital infrastructure.
To facilitate trade between the two countries, Nigeria and China will explore flexible regional monetary cooperation, including local currency swaps, to ease transactions and contribute to global financial stability. Both governments have reiterated their commitment to supporting the World Trade Organization’s multilateral trading system, opposing trade protectionism, and promoting trade liberalization.
They also pledged to protect the rights of each other’s citizens and create a favorable business environment for companies in both countries. “The two sides are committed to supporting the WTO-focused multilateral trading system, opposing trade protectionism, promoting trade and investment liberalization and facilitation, and creating a transparent and non-discriminatory business environment for cooperation between the two countries,” the statement added.
Furthermore, both nations support establishing more friendly relations between Chinese and Nigerian provinces, states, and municipalities to expand and deepen cooperation at the local government level. They are also committed to enhancing the protection of lawful rights and interests of each other’s citizens and creating a favorable business environment for each other’s companies.
This represents marks a step forward in China-Nigeria relations, with both countries looking to leverage their partnership for mutual economic growth and development.
