… targets rebalancing of trade between Nigeria and China
Director General, Nigeria China Strategic Partnership, Joseph Tegbe, has reiterated Nigeria’s belief in the ‘One-China principle’, as affirmed by President Bola Ahmed Tinubu at the FOCAC summit held in September 2024, acknowledging that there is but one China, and the government of the People’s Republic of China is the sole legal government representing the whole of China, noting that Taiwan is an inalienable part of China.
He stated this in an address delivered during the pre-summit unveiling event for the Nigeria-China Sustainable Bilateral Business, Trade, and Investment Summits, organized by the House of Representatives committee on Nigeria-China Relations.
In his address, Tegbe noted that the Nigeria-China Strategic Partnership is targeting rebalancing of trade between Nigeria and China, while boosting foreign direct investments from China. He recalled that in times past, regulatory bottlenecks, bureaucratic inefficiencies, and trade barriers impeded the seamless flow of business, trade, and investment between countries. He however acknowledged the roles of various government departments like the Nigerian Investment Promotion Commission (NIPC) and the Presidential Enabling Business Environment Council (PEBEC) in improving the ease of doing business in Nigeria.
Tegbe explained that the summit is being planned to address some of the challenges hindering the promotion of trade and investments between both countries through a legislative agenda for 2025, with the ultimate goal of enacting policies and laws that will enhance the Nigeria-China developmental relationship in collaboration with the Executive. “With a focus on key sectors such as Agriculture, Mining and Solid Minerals, Power and Renewable Energy, Oil and Gas, Construction, Manufacturing, ICT, and SMEs, this summit will shape the future of Nigeria-China business relations. These areas align with the vision of H.E President Bola Ahmed Tinubu, GCFR and that of NCSP,” he said.
Tegbe further explained that China’s transformative journey offered invaluable lessons and opportunities for Nigeria to emulate and adapt to our unique context. According to him, in 2024, China invested a record $163.1 billion abroad, highlighting its commitment to international cooperation and growing global influence; and also highlighting why China is a key partner for Nigeria. He also noted that in 2023, trade relations between Nigeria and China reached $23.3 billion, making China one of Nigeria’s largest trading partners. While there is great potential for growth, addressing the trade imbalance remains crucial with a clear objective.
On foreign direct investments, Tegbe said: “While Nigeria has made notable progress in attracting FDI, significant opportunities remain untapped. Strategic partnerships, such as the one we are cultivating with China, can unlock new avenues and attract much-needed investment in key sectors, including infrastructure, manufacturing, agriculture, and technology.”
He added: “A lot is being done to foster greater collaboration between Nigerian and Chinese businesses to promote technology transfer and knowledge sharing. We do not just want Chinese companies to come to Nigeria to execute projects or trade; we want Nigerians to learn from them so we can indigenously achieve some of the amazing feats we see in China. Scale is, however, critical if significant progress is to be achieved, so I encourage the Chinese companies here present to take a transformational approach to doing business in Nigeria.
“The strategic partnership between Nigeria and China was established five months ago, and the traction achieved since then has been phenomenal. Over 216 Chinese companies have expressed an interest in investing in various sectors in Nigeria, with 74 in the oil and gas sector alone. The Presidency has received over 70 expressions of interest for transformational projects. If we aggregate investment pledges from China, they add up to almost $40 billion, and we are currently working with relevant government agencies to ensure that these pledges can be actualized in a way that will genuinely benefit all Nigerians.”