The Federal Government of Nigeria 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 development comes amidst President Bola Tinubu's recent visit to China and Nigeria's participation in the 2024 Summit of the Forum on China-Africa Cooperation.
The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, in a statement said the visit resulted in a significant strengthening of bilateral relations between the two nations.
Reports reveal that several partnership agreements and Memoranda of Understanding were signed during Tinubu's official visit, marking a new phase in China-Nigeria relations.
Nigeria is eager to strengthen its partnership with China in the development of energy and mineral resources and to work with Chinese companies to set up plants in Nigeria to meet local consumption and export needs.
The statement noted that "China will encourage more competent Chinese companies to invest in Nigeria to contribute to the diversified and dynamic development of Nigeria's economy."
Emerging trends show that China has committed to supporting Nigeria's economic diversification efforts by fostering investment in developing sectors such as the digital economy, green development, and agricultural modernization. Both countries also agreed to promote collaboration in the blue economy and enhance overall industrial reform.
Furthermore, Nigeria welcomed China's Global Initiative for Artificial Intelligence Governance and the Global Initiative on Data Security.
The statement also appreciateds 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 reiterated their commitment to supporting the World Trade Organization's multilateral trading system, opposing trade protectionism, and promoting trade liberalisation.
The two nations also pledged to protect the rights of each other's citizens and create a favourable business environment for companies in both countries.
The statement concluded that "the two sides are committed to supporting the WTO-focused multilateral trading system, opposing trade protectionism, promoting trade and investment liberalisation and facilitation, and creating a transparent and non-discriminatory business environment for cooperation between the two countries."
