FG Seeks Chinese Cooperation in Diversification, Strengthening of Nation’s Economy
● Abubakar Ojima-Ojo
…Says currency swap bolstering bilateral trade
The Federal Government of Nigeria has called on the People’s Republic of China to support its efforts in diversifying the nation’s economy, particularly in the area of industrialization.
Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, made this appeal when she received the Chinese Ambassador to Nigeria, Yu Dunhai, during a courtesy visit to her office at Tafawa Balewa House, Abuja. This was disclosed in a statement issued on Thursday, February 20, 2025, by the Special Assistant to the Minister on Communication and New Media, Magnus Eze.
Amb. Odumegwu-Ojukwu noted that Nigeria and China have enjoyed a strong bilateral relationship for over five decades. She emphasized that President Bola Ahmed Tinubu’s Renewed Hope Agenda prioritizes economic diversification and strengthening, making China’s partnership crucial to achieving these goals.
The minister highlighted the President’s commitment to strategic collaborations with China in key sectors such as electric vehicle assembly plants, digital communication, renewable energy, digital technology, and agriculture. She stressed that Chinese cooperation in these areas would accelerate Nigeria’s industrial development.
Acknowledging China’s contributions to Nigeria’s infrastructure development, Amb. Odumegwu-Ojukwu praised ongoing Chinese investments in road and rail infrastructure. She also reiterated Nigeria’s commitment to improving its power sector and modernizing ports to attract more foreign investments.
The minister further expressed Nigeria’s desire to deepen cultural exchanges with China, pointing out the increasing interest of Nigerian youths in learning the Chinese language.
“It’s quite interesting that a large population of Nigerian youth is inching towards the Chinese language. A lot of Nigerian universities are desirous to offer Chinese Language. Chinese has become the language of trade in the world,” she noted.
She assured that Nigeria-China relations would continue to grow both bilaterally and multilaterally, adding, “We expect that we will continue to get the support of China, but we will always reciprocate that multilaterally.”
“In line with President Tinubu’s plan to industrialize Nigeria, we expect Chinese cooperation in establishing assembly plants for electric vehicles, digital communication, renewable energy, all aspects of digital technology, and agriculture. The government is particularly focused on food security, ensuring that food reaches the poorest of the poor. Government is not just talking about food but has established a separate Ministry of Livestock,” she added.
Amb. Odumegwu-Ojukwu also appealed to China to remove trade tariffs for Nigeria, as it had already done for 33 other African countries. She stressed that the Renewed Hope Agenda focuses on fostering people-to-people and country-to-country relations.
In response, the Chinese Ambassador, Yu Dunhai, reaffirmed China’s commitment to strengthening its partnership with Nigeria, describing the country as a key strategic partner.
He highlighted that President Tinubu’s participation in the Forum on China-Africa Cooperation (FOCAC) had further elevated bilateral ties. He also outlined areas of ongoing cooperation, including road development, railway modernization, power projects, industrial parks, and the Lekki Deep Sea Port.
The envoy revealed that trade between both countries had surpassed $21 billion in the past year, with Nigeria’s exports to China increasing by over 25%. He emphasized that the recently renewed $2 billion currency swap agreement would further enhance financial cooperation and boost trade and investment between both nations.
Amb. Dunhai was optimistic that these progressive initiatives would ultimately benefit ordinary Nigerians. He added, “We have a comprehensive strategic partnership with Nigeria. China would want Nigeria to play a big role on the international scene. We want Nigeria to become a member of the G-20. These will all provide opportunities for China and Nigeria to work together more closely.”
He further emphasized China’s consistent support for Africa, stating, “For China, we have been very consistent. We give grants to African countries; we don’t give any conditions.”
Amb. Dunhai concluded by stressing the need for both countries to regularly review their progress in bilateral cooperation, ensuring that commitments made translate into tangible benefits for their citizens. GMTNewsng
