More Chinese companies to invest in Nigeria, says FG

The Federal Government on Saturday said that China has agreed to encourage more of its companies to invest in Nigeria in order to help propel the country’s economy back to life.

Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, who disclosed this in a statement, said that President Bola Ahmed Tinubu’s official visit to China and Nigeria’s participation in the 2024 Summit of the Forum on China-Africa Cooperation had led to the strengthening of bilateral and diplomatic relations between the two countries.

Tuggar said both countries have reached a broad consensus, and signed a series of partnership agreements and MoUs during President Tinubu’s official visit to China, adding that the China- Nigeria relations was on a new stage.

“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.

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“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.

The two countries also agreed to seize the opportunities of developing productive forces to further deepen overall reform, jointly explore cooperation in areas such as digital economy, green development, blue economy and agricultural modernization, and foster new growth drivers in cooperation.

It said Nigeria welcomes the Global Initiative for Artificial Intelligence (AI) Governance and Global Initiative on Data Security proposed by the Chinese side and appreciates China’s efforts in promoting the rights of developing countries in artificial intelligence, network, data, and other fields.

The two sides encourage flexible and diverse regional monetary and financial cooperation such as local currency swaps, to facilitate trade between China and Nigeria and make contributions to global financial stability.

“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 with a view 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.