The Federal Government says China is set to deploy more of its companies to invest in Nigeria, as a move towards reviving the nation's economy.
This is coming as an aftermath of President Bola Tinubu’s recent visit to China and Nigeria’s participation in the just-concluded 2024 Summit of the Forum on China-Africa Cooperation.
The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, revealed this development in a statement signed and released to the public on Saturday, September 7, 2024, noting that the visit birthed a massive and significant way of strengthening the bilateral relations between Nigeria and China.
The minister also pointed out that several partnership agreements and Memoranda of Understanding were signed during president Tinubu's official visit, symbolizing a new wave in China-Nigeria relations.
“Nigeria is willing 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.
“China will encourage more competent Chinese companies to invest in Nigeria to contribute to the diversified and dynamic development of Nigeria’s economy,” the statement read.
Over the years, China has committed to supporting Nigeria’s economic growth in terms of diversification and the fostering of investment in emerging sectors such as the green development, digital economy, and agricultural modernization.
In the agreement signed, the two countries agreed to promote collaboration in the blue economy and enhance overall industrial reforms.
Federal Government also extended hands of appreciation to China’s leadership in advocating for the rights of developing nations in areas like AI, data, and digital infrastructure.
Also, in order to facilitate trade between the two countries, Nigeria and China will explore together flexible regional monetary cooperation, including local currency swaps, to make transaction process easier and contribute to global financial stability.
Nigeria and China both reaffirmed their commitment to supporting the World Trade Organization’s multilateral trading system, and promoting trade liberalization and opposing trade protectionism.
They also pledged support to protect the rights of each other’s citizens and create a more favourable business environment for companies and industries in both countries.
“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.
“The two sides are committed to stepping up the protection of lawful rights and interests of each other’s citizens on their territories and creating a favourable business environment for each other’s companies,” the statement added.
“The two sides further support the establishment of more friendly relations between Chinese and Nigerian provinces/states and municipalities to expand and deepen cooperation at the local government level.
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