China has promised to encourage its top companies to invest in Nigeria, following a meeting between President Xi Jinping and Nigerian President Bola Tinubu in Beijing. The two leaders discussed ways to strengthen economic ties and cooperation between their countries.
China wants to help Nigeria’s economy grow and diversify by investing in key sectors such as energy, minerals, and manufacturing. Nigeria, in turn, has welcomed Chinese companies to build factories and develop its natural resources.
The meeting was held ahead of a summit of 50 African nations in Beijing, which aims to boost China-Africa relations. President Xi Jinping called the summit an opportunity to strengthen ties between China and Africa.
China and Nigeria agreed to work together in various areas, including:
Encouraging Chinese companies to invest in Nigeria
Developing Nigeria’s energy and mineral resources
Improving Nigeria’s military technology and capabilities
Combating money laundering and terrorist financing
Strengthening ties in China’s Belt and Road Initiative
Cooperating in human resources development and nuclear energy
Nigeria’s President Tinubu visited the Huawei Research lab and secured a commitment from Huawei to establish a joint solar PV test lab in Nigeria. Another Chinese firm pledged to establish an assembly plant for electric tricycles and train Nigerians in technology and renewable energy development.
China is already Nigeria’s biggest bilateral lender, with loans amounting to $5 billion. The new investments and cooperation agreements are expected to further boost economic ties between the two countries.
The meeting between President Xi Jinping and President Tinubu demonstrates the growing partnership between China and Nigeria. Both countries aim to strengthen their economies and improve the lives of their citizens through cooperation and investment.
