For a Safer Earth, Healthier Climate

FG To Deepen Economic Relations With China

By Ruth Tene Natsa, Abuja

In its efforts to actualise the Tinubu-led Administration’s 8-Point Agenda of Renewed Hope, the federal government has pledged its commitment to strengthen bilateral relations with the People’s Republic of China for deepened economic cooperation that will be mutually beneficial to both countries.

The Vice President, Kashim Shettima, who was represented by the Minister of State, Ministry of Steel Development, Uba Maigari Ahmadu, stated this at the Mid Autumn Festival and Chinese National Day Celebration held in Lagos between 22nd to 24th September 2023.

The Minister reiterated the Federal Government’s dedication to further strengthening economic cooperation with China, which will lead to expanding trade opportunities and exploring new avenues for investment and technological cooperation. He noted that the Chinese business relationship with Nigeria will bring greater socioeconomic benefits to both nations.

Speaking further, he stressed the need for a better investment climate, improved infrastructure development, and eased business conditions that will open more opportunities in Steel Development, Agriculture, Renewable Energy, Technology as well and Communication. He emphasized the Federal Government’s readiness to ensure responsible business practices that will further deepen the collaboration, as according to him, engaging in responsible business practices is crucial for long-term success.

Earlier, Mr. Guo Pengwen, the Commercial Consul at the Chinese Consulate, disclosed that both countries have a high volume of bilateral trade between them. According to him, Nigeria ranks third in bilateral trade and second in trade and importation. He noted that the exchange of goods and services has diversified Nigeria’s export base and strengthened overall economic stability in sectors such as infrastructure development, telecommunications, agriculture, energy, manufacturing, and transportation. Stating that these projects have not only improved Nigeria’s transport networks but also created employment opportunities and enhanced connectivity within the country.

Also speaking at the event, Dr. Eric Ni, Chairman of the China Industrial and Commercial Enterprises Association, highlighted the flourishing economic cooperation between China and Nigeria. He said both countries have recognized the immense potential for mutually beneficial partnerships, leading to significant Chinese investments in various sectors of the Nigerian economy. Noting that these investments have contributed to economic growth, job creation, and technological advancement.

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