BREAKING: FG Seeks Chinese Cooperation in Diversification of Nigeria’s Economy

The Federal Government of Nigeria is seeking assistance from the People’s Republic of China to diversify its economy, particularly in the area of industrialisation.

Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, made this announcement during a courtesy visit from the Chinese Ambassador to Nigeria, Yu Dunhai, at her office in the Tafawa Balewa House, Abuja.

She noted that Nigeria has enjoyed a robust relationship with China for over five decades and highlighted that President Bola Ahmed Tinubu’s Renewed Hope Agenda prioritises the diversification and strengthening of the nation’s economy.

Ambassador Odumegwu-Ojukwu emphasised the President’s commitment to fostering a strategic partnership with China, mentioning key sectors where Nigerian support is sought, including the establishment of electric vehicle plants, advancements in digital communication, renewable energy, digital technology, and agriculture.

She acknowledged China’s significant contributions to the development of Nigeria’s road and rail infrastructure.

The minister also stated that the country is taking concrete steps to enhance its power sector and modernise its ports, emphasising that these developments will facilitate investment.

Moreover, she expressed Nigeria’s determination to enhance cultural relations with China, noting a growing interest among Nigerian youth in learning the Chinese language.

“It is quite fascinating that a significant number of Nigerian youth are gravitating towards learning Chinese. Many Nigerian universities are eager to offer Chinese language courses. Chinese has become the global language of trade.

“Nigeria-China relations will continue to flourish both bilaterally and multilaterally.

“We anticipate ongoing support from China and are committed to reciprocating this support multilaterally.

“In line with President Tinubu’s industrialisation goals, we seek Chinese cooperation in establishing assembly plants for electric vehicles, enhancing digital communication, advancing renewable energy, and improving agriculture to tackle food insecurity. The government is focused on ensuring that food reaches the most vulnerable populations and has even established a dedicated Ministry of Livestock,” the minister stated.

Ambassador Odumegwu-Ojukwu, therefore, urged China to eliminate trade tariffs for Nigeria, as it has done for 33 other African nations.

She emphasized that the Renewed Hope Agenda is centred on fostering people-to-people interactions and strengthening country-to-country relations.

In response, the Chinese Ambassador expressed that Nigeria-China relations are vital and continue to grow.

He described Nigeria as a remarkable nation and a strategic partner to China.

Ambassador Dunhai remarked that President Tinubu’s first official visit to China and his involvement in the Forum of China-Africa Cooperation (FOCAC) have elevated the relationship between the two nations.

He highlighted the areas of cooperation between the countries, including road development, railway modernisation, power, industrial parks, Lekki Sea Port, and more.

He proudly noted that the trade volume between Nigeria and China exceeded $21 billion last year, with Nigeria’s exports to China exceeding 25%.

The envoy stated that manufacturing is crucial for industrialisation and added that the recently renewed $2 billion currency swap agreement will strengthen cooperation and enhance bilateral trade and investment between the two nations.

Ambassador Dunhai expressed optimism that these efforts would ultimately benefit ordinary citizens.

He stated: “We have established a comprehensive strategic partnership with Nigeria. China wants Nigeria to play a significant role on the international stage and aims for Nigeria to become a member of the G-20. These developments will create more opportunities for closer collaboration between China and Nigeria.

“For our part, China remains consistent in providing grants to African countries without imposing conditions.”

He acknowledged the importance of periodic meetings to assess progress in their bilateral cooperation.

MAGNUS EZE
Special Assistant on Communication and New Media