The Federal Government of Nigeria will deepen economic cooperation with the Peoples Republic of China in order to maximize the realization of the administration’s Eight-Point Agenda of Renewed Hope, a statement from the Ministry of Solid Minerals Development has said.
The statement, which was signed by Tine-Iulun M. A for Head of Media in the Ministry, said Vice President Kashim Shettima, who was represented by the Minister of State, Ministry of Steel Development, Uba Maigari Ahmadu gave the assurance at the Mid-Autumn Festival and Chinese National Day Celebration held recently in Lagos.
The Minister reiterated government’s commitment to strengthening economic cooperation with China. He said it is expected to expand trade opportunities and explore new avenues for investment and technological cooperation between the two countries, noting that Chinese business relationship with Nigeria will bring greater socioeconomic benefits to both nations.
He stressed the need for better investment climate, improve infrastructure development, ease business conditions that will open more opportunities in steel development, agriculture, renewable energy, technology and communication.
The minister reiterated the commitment of the Federal Government to ensure responsible business practices that will deepen the collaboration, adding that engaging in responsible business practices is crucial to long-term success.
Mr. Guo Pengwen, the Commercial Consul at the Chinese Consulate, said both countries have high volume of bilateral trade. According to him, Nigeria ranks third in bilateral trade and second in trade and importation. He noted that the exchange of goods and services has diversified Nigeria’s export base and strengthened overall economic stability in sectors such as infrastructure development, telecommunications, agriculture, energy, manufacturing, and transportation, stating that the projects have not only improved Nigeria’s transport networks but also created employment opportunities and enhanced connectivity within the country.
Dr. Eric Ni, Chairman of the China Industrial and Commercial Enterprises Association highlighted the flourishing economic cooperation between China and Nigeria. He said both countries have recognized the immense potential for mutual beneficial partnerships, leading to significant Chinese investments in various sectors of the Nigerian economy. He noted that Chinese investments in Nigeria have contributed to economic growth, job creation, and technological advancement.