2 months ago
24 ARTICLE AD
Minister of Foreign Affairs, Yusuf Tuggar
The Federal Government has revealed that China is set to encourage more of its companies to invest in Nigeria, a move aimed at revitalising the Nigerian economy.
This comes on the heels of 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, disclosed the development in a statement on Saturday, noting that the visit resulted in a significant strengthening of bilateral relations between the two nations.
Tuggar noted 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 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 said in part.
China has committed to supporting Nigeria’s economic diversification efforts by fostering investment in emerging 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.
In addition, Nigeria welcomed China’s Global Initiative for Artificial Intelligence Governance and the Global Initiative on Data Security.
The Federal Government appreciates 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.
They also pledged to protect the rights of each other’s citizens and create a favourable business environment for companies 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 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.
“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.
