China has vowed to encourage its more “powerful” companies to invest in Nigeria.
Nigeria Also Welcomes Chinese Companies
The West African country reciprocated by saying that it was open to Chinese companies building factories and developing its energy and mineral resources.
This was one of the positive outcomes from the meeting between the leaders of the countries in Beijing.
Nigeria-China Ties Elevated
President Bola Tinubu and Chinese President Xi Jinping, announced the elevation of Nigeria-China ties to that of a comprehensive strategic partnership.
Nigerian President’s Post On Elevation Of Ties
“We have upgraded the relationship to more than what is just strategic-but a comprehensive developmental partnership,’’ President Tinubu posted on X.
“ This comprehensive partnership should result in robust development, stability, and security in the West African sub-region,” Nigeria’s Tinubu said.
China welcomed Nigeria to its e-commerce and logistics sector.
Joint Statement
It expressed its interest in helping the West African nation’s economy “diversify and flourish”, according to a joint statement.
The statement followed the meeting between President Xi Jinping and his Nigerian counterpart Bola Tinubu on Tuesday.
Xi- Bola Talks
They held talks ahead of a summit of 50 African nations in Beijing this week which the Chinese leader called an opportunity to consolidate China-Africa relations.
Xi said that China and Nigeria will inject fresh impetus to China-Africa relations in the new era and spearhead common progress among Global South countries.
Promotion Of Bilateral Trade
The two countries agreed to encourage “flexible and diverse” regional monetary and financial cooperation, such as local currency swaps, to promote bilateral trade.
China supports Nigeria in improving its military technology, equipment, intelligence and other capabilities, it said.
Cooperation For Peace, Security And Stability
The countries have agreed to work to maintain peace, security and stability in the Sahel region, the Gulf of Guinea and other regions.
They also agreed to cooperate on intelligence to combat money laundering and terrorist financing.
The two sides plan to strengthen ties in China’s Belt and Road Initiative, human resources development and nuclear energy.
Impact Of BRI
The Belt and Road Initiative has already delivered massive infrastructure projects in Nigeria, from a deep sea port to rail lines.
Chinese Lending To Nigeria
China is Nigeria’s biggest bilateral lender.
Nigeria’s Debt Management office said that loans amounted to $5 billion in March end.
Nigerian President Tours Huawei Research Lab
Tinubu toured the Huawei Research lab and secured a commitment from Huawei to establish a joint solar PV test lab in Nigeria.
Notably, another Chinese firm also pledged to establish an assembly plant for electric tricycles.
The company wants to train Nigerians in technology and renewable energy development.
