By Omar Bah
The Federal Government has announced that China plans to encourage more of its companies to invest in Nigeria to boost the economy. This follows President Bola Tinubu’s recent trip to China and Nigeria’s participation in the 2024 Summit of the Forum on China-Africa Cooperation.
Foreign Affairs Minister Ambassador Yusuf Tuggar revealed this development in a statement on Saturday, highlighting that the visit has significantly strengthened the relationship between the two countries. Tuggar mentioned that several partnership agreements and Memoranda of Understanding were signed during Tinubu’s official visit, signaling a new phase in China-Nigeria relations. The statement also mentioned that Nigeria is open to strengthening its partnership with China in developing energy and mineral resources and collaborating with Chinese companies to establish plants in Nigeria to meet local consumption and export demands.
China has committed to supporting Nigeria’s economic diversification efforts by promoting investment in emerging sectors such as the digital economy, green development, and agricultural modernization. Both countries also agreed to enhance collaboration in the blue economy and industrial reform.
Furthermore, Nigeria welcomed China’s Global Initiative for Artificial Intelligence Governance and the Global Initiative on Data Security. The Federal Government expressed appreciation for China’s leadership in advocating for the rights of developing nations in areas such as AI, data, and digital infrastructure.
Nigeria and China are exploring flexible regional monetary cooperation, including local currency swaps, to facilitate trade, ease transactions between the two countries, and contribute to global financial stability. Both governments reaffirmed 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. Additionally, they are committed to promoting friendly relations between Chinese and Nigerian provinces, states, and municipalities to expand and deepen local government-level cooperation while ensuring the protection of the lawful rights and interests of each other’s citizens.
