By Ezekiel David
China and Nigeria have pledged to deepen their economic ties, cementing their relationship with new agreements ahead of the Forum on China-Africa Cooperation (FOCAC) summit.
At the Beijing summit, Presidents Xi Jinping of China and Bola Tinubu of Nigeria declared that their countries had upgraded their alliance to a “comprehensive strategic partnership,” with the goal of fostering growth on both sides and fortifying ties between China and Africa.
The agreements, signed on Tuesday, cover key areas such as nuclear energy, the Belt and Road Initiative, human resource development, and media exchanges. These deals are expected to bolster Nigeria’s economic transformation and align with China’s broader infrastructure goals across Africa.
President Tinubu expressed hopes that Nigeria would become China’s largest trade and investment partner on the continent. He invited Chinese companies to expand their investments in critical sectors like agriculture, manufacturing, and mineral energy, highlighting Nigeria’s ongoing economic reforms designed to create a more favourable business environment. “We’re committed to reforms that will drive sustainable growth and make Nigeria an attractive destination for foreign investment,” Tinubu stated.
China, which has identified Africa as a strategic region for its Belt and Road Initiative, has already invested heavily in Nigeria, including financing 85% of the $5.8 billion Mambilla hydroelectric plant, set to be Nigeria’s largest power project upon completion in 2030.
Over the past decade, Chinese companies have signed contracts worth over $700 billion across Africa, underlining the continent’s importance to Beijing’s global infrastructure ambitions.
President Xi highlighted the long-standing diplomatic relations between China and Nigeria, which have lasted for more than 50 years, during their meetings. He pointed out that both countries are in a position to improve strategic cooperation and advance the collective development of the Global South as significant developing nations.
The 2024 FOCAC Summit, scheduled from September 4-6, aims to serve as a platform to further solidify these connections, reinforcing the partnership between China and Nigeria and supporting broader China-Africa cooperation.
(Source: Al Jazeera, Nairametrics)
