The Federal Government announced that China will actively promote increased investment in Nigeria as part of efforts to rejuvenate the Nigerian economy. This development follows President Bola Tinubu’s recent visit to China and Nigeria’s participation in the 2024 Forum on China-Africa Cooperation Summit.
Minister of Foreign Affairs, Yusuf Tuggar, revealed that the visit led to enhanced bilateral relations, with several partnership agreements and Memoranda of Understanding signed. China is expected to support Nigeria’s economic diversification by encouraging its companies to invest in energy, mineral resources, and emerging sectors such as digital technology, green development, and agricultural modernization.
Both nations agreed to foster collaboration in the blue economy and support industrial reform. Additionally, Nigeria welcomed China’s initiatives on AI governance and data security, and both countries plan to explore flexible regional monetary cooperation, including local currency swaps, to facilitate trade and ensure global financial stability.
The two governments pledged to support the multilateral trading system under the World Trade Organization, oppose trade protectionism, and create a favorable business environment for mutual cooperation. They also committed to strengthening local government relations and protecting the rights of their citizens in each other’s countries.
