BEIJING/LAGOS, Sept 3 (Reuters) – China has committed to encouraging its leading companies to invest in Nigeria, with both nations expressing openness to enhanced cooperation in various sectors, including energy and manufacturing. This follows a meeting between Chinese President Xi Jinping and Nigerian President Bola Tinubu in Beijing.
In a joint statement, China welcomed Nigeria’s participation in its e-commerce and logistics sectors, emphasizing its goal to help diversify and strengthen Nigeria’s economy. The leaders’ discussions set the stage for a summit of 50 African nations in Beijing, aimed at consolidating China-Africa relations.
“China and Nigeria, as major developing countries, strengthening strategic coordination, will inject fresh impetus into China-Africa relations and drive common progress among Global South countries,” Xi stated.
The agreement includes plans for “flexible and diverse” regional monetary cooperation, such as local currency swaps, to enhance bilateral trade. China also pledged to support Nigeria in advancing its military technology and intelligence capabilities, with a focus on maintaining stability in regions like the Sahel and the Gulf of Guinea.
Additionally, the two countries aim to enhance cooperation within China’s Belt and Road Initiative (BRI), which has already facilitated significant infrastructure developments in Nigeria, including a deep-sea port and rail lines.
“This comprehensive strategic partnership should lead to robust development, stability, and security in the West African sub-region,” said Tinubu.
China remains Nigeria’s largest bilateral lender, with loans totaling $5 billion as of March 2024. During his visit, Tinubu toured Huawei’s research lab and secured commitments for a joint solar photovoltaic test lab in Nigeria. Another Chinese company also announced plans to establish an assembly plant for electric tricycles and provide training in technology and renewable energy development.
This deepening partnership highlights the growing economic and strategic collaboration between China and Nigeria, positioning both nations for enhanced trade and investment opportunities in the future.