China has committed to encouraging its most “powerful” companies to invest in Nigeria, as the two nations explore new avenues for collaboration. During a high-level meeting in Beijing, Nigerian President Bola Tinubu expressed his country’s openness to Chinese enterprises establishing factories and developing its energy and mineral resources. The discussions culminated in a joint statement emphasizing China’s support for Nigeria’s economic diversification and growth. ..Read Full Article
China also extended an invitation to Nigeria to participate in its expanding e-commerce and logistics sectors, highlighting its desire to see Nigeria’s economy “diversify and flourish.” This meeting, held ahead of a summit with 50 African nations in Beijing, was seen as an opportunity to solidify China-Africa relations further.
“China and Nigeria, as major developing countries, will strengthen strategic coordination, providing fresh momentum to China-Africa relations in this new era and driving shared progress among Global South nations,” stated Chinese President Xi Jinping.
The two countries agreed to enhance “flexible and diverse” regional monetary and financial cooperation, including local currency swaps to facilitate bilateral trade. The joint statement, published by China’s official news agency Xinhua, also highlighted China’s commitment to supporting Nigeria in improving its military technology, equipment, intelligence, and overall capabilities. Both nations pledged to work together to maintain peace, security, and stability in regions such as the Sahel and the Gulf of Guinea. Additionally, they agreed to cooperate on intelligence efforts to combat money laundering and terrorist financing.
Further strengthening their ties, China and Nigeria plan to collaborate under China’s Belt and Road Initiative, with a focus on human resource development and nuclear energy. A spokesperson for the Nigerian government confirmed these plans.
Nigeria has already seen significant infrastructure developments under the Belt and Road Initiative, including a deep-sea port and extensive rail lines. President Tinubu emphasized that this “comprehensive strategic partnership” would lead to robust development, stability, and security in the West African sub-region.
China, Nigeria’s largest bilateral lender, had provided loans amounting to $5 billion as of the end of March, according to Nigeria’s Debt Management Office.
During his visit, President Tinubu toured the Huawei Research lab, where he secured a commitment from the company to establish a joint solar PV test lab in Nigeria. Another Chinese firm also pledged to set up an assembly plant for electric tricycles and to provide training for Nigerians in technology and renewable energy development……Read Full Article
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