Nigeria aims to strengthen and enhance its trade and economic relations with the People’s Republic of China, with the intention of benefiting both nations mutually. This initiative seeks to build upon the existing trade volume between Nigeria and China, which surpassed $12.03 billion in 2021.
Dr. Evelyn Ngige, the Permanent Secretary of Nigeria’s Ministry of Industry, Trade, and Investment, expressed this objective during a courtesy visit by Mr. Zhang Guanbin, the Deputy Director General of the Department of Trade in the Ministry of Commerce of the People’s Republic of China, held in Abuja.
Dr. Ngige emphasized Nigeria’s abundance of opportunities, including its vast natural resources and favorable climate conditions for industrial development, which remain largely untapped.
She also highlighted the crucial role of the Ministry in Nigeria’s economic advancement, particularly in promoting diversification beyond the oil sector. This strategy has fostered economic relations, strengthened domestic and international relations, and resulted in significant bilateral trade between Nigeria and China.
Mr. Zhang Guanbin, the leader of the Chinese delegation and Deputy Director General of the Department of Trade in the Ministry of Commerce, expressed his appreciation for the Nigerian Government’s efforts in promoting practical cooperation in trade. He proposed the establishment of a working group between the two nations to facilitate more substantial outcomes in their partnership.
Furthermore, he acknowledged the confidence of Chinese investors in Nigeria’s business environment and their interest in expanding their investments within the country. Guanbin assured that China is actively working on implementing the agreements made by high-level leaders from both countries.
In light of this, he extended a formal invitation to the Nigerian Government to participate in the International Co-operation Forum in China, scheduled for October 2023.