China has pledged to boost investments in Nigeria by encouraging its leading companies to engage more deeply with the West African nation.
This commitment follows a recent meeting between Chinese President Xi Jinping and Nigerian President Bola Tinubu in Beijing.
The two leaders discussed a range of initiatives, including welcoming Nigerian participation in China’s e-commerce and logistics sectors.
They also expressed a mutual interest in diversifying and enhancing Nigeria’s economy.
This dialogue occurred in advance of a major summit in Beijing this week, which will bring together leaders from 50 African countries.
Xi Jinping described the summit as a chance to strengthen China-Africa relations.
According to a joint statement issued after their meeting, China and Nigeria plan to enhance regional financial cooperation through flexible arrangements like local currency swaps to boost bilateral trade.
Additionally, China has pledged support for Nigeria in improving its military capabilities, including technology and intelligence.
Both nations agreed to collaborate on maintaining peace and stability in the Sahel region and the Gulf of Guinea.
They also intend to work together to combat money laundering and terrorist financing.
Both countries are set to deepen their collaboration in several areas, including China’s Belt and Road Initiative, human resources development, and nuclear energy.
The Belt and Road Initiative has already led to significant infrastructure developments in Nigeria, such as a deep-sea port and new rail lines.
Nigeria’s President Tinubu emphasized that this comprehensive strategic partnership is expected to drive substantial development, stability, and security in West Africa.
With China being Nigeria’s largest bilateral lender having provided $5 billion in loans as of March this partnership is poised to have a significant impact.
During his visit, Tinubu also toured the Huawei Research lab and secured Huawei’s commitment to establish a joint solar photovoltaic (PV) test lab in Nigeria.
Additionally, another Chinese company promised to set up an assembly plant for electric tricycles and to provide training for Nigerians in technology and renewable energy sectors.
