The Federal Government has announced that China is set to encourage more of its companies to invest in Nigeria, a move aimed at revitalizing the Nigerian economy.
This follows President Bola Tinubu’s recent visit to China and Nigeria’s participation in the 2024 Summit of the Forum on China-Africa Cooperation.
In a statement on Saturday, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, highlighted the strengthened bilateral ties between Nigeria and China, noting that several partnership agreements and Memoranda of Understanding were signed during Tinubu’s official visit.
“Nigeria is eager to enhance its partnership with China, particularly in the development of energy and mineral resources. Additionally, Nigeria is working with Chinese companies to establish plants within the country, catering to both local consumption and export needs,” Tuggar stated.
China has committed to supporting Nigeria’s economic diversification efforts, with a focus on emerging sectors such as the digital economy, green development, and agricultural modernization. Both nations also agreed to foster cooperation in the blue economy and to further industrial reform.
Additionally, Nigeria has expressed its support for China’s Global Initiative for Artificial Intelligence Governance and the Global Initiative on Data Security, appreciating China’s advocacy for the rights of developing nations in areas such as AI, data, and digital infrastructure.
To enhance trade relations, Nigeria and China will explore flexible regional monetary cooperation, including local currency swaps, to simplify transactions and contribute to global financial stability.
The two governments reaffirmed their support for the World Trade Organization’s multilateral trading system, opposing trade protectionism, and promoting trade liberalization. They also pledged to protect each other’s citizens’ rights and to create a conducive business environment for companies from both nations.
Both countries committed to expanding cooperation at the local government level, fostering relations between Chinese and Nigerian provinces and municipalities.
This development marks a new chapter in China-Nigeria relations, with both nations focusing on strengthening economic and diplomatic ties.
