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From Aidoghie Paulinus, Abuja
The Federal Government and the People’s Republic of China, have signed a two hundred million yuan grant agreement for the implementation of projects under the Nigeria-China Development Cooperation Agreement.
This was even as the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, said Nigeria has done an economic mapping of the 8,809 wards in Nigeria.
The funding, according to the Chinese Government, will finance small and beautiful development projects designed to deliver quick, tangible results and bring direct benefits to the Nigerian people.
The cooperation, the government also said, carried no political conditions or strings attached and it is based on mutual respect and China fully respects Nigeria’s sovereignty and aligned with Nigeria’s developmental goals.
Speaking during the signing ceremony, the Chinese Ambassador to Nigeria, Yu Dunhai, said the amount, which is approximately $30 million, stood as a strong testament to the enduring strategic partnership and deep mutual trust and profound solidarity between China and Nigeria.
The Chinese envoy also said the grant reflected the concrete steps and the support from the Chinese Government to support the economic and social development of Nigeria.
He added that it was also a very important step for the implementation of the important consensus reached between China and Nigeria during President Bola Ahmed Tinubu’s visit to China and the implementation of the outcomes of the Forum on China-Africa Cooperation (FOCAC) Summit in Beijing.
Yu further said the funds will be used on the projects mutually agreed by the two sides called the ‘small but beautiful,’ meaning that projects with less input, quick returns and direct benefit to the livelihood of the Nigerian people.
“And we have the full confidence that the Nigerian Government will utilise the funds effectively and ensure that the benefits will directly serve the interest of the livelihood of the Nigerian people.”
The Chinese envoy further said the bilateral trade volume between China and Nigeria reached $18 billion in the first half of this year, adding that what made it more significant was that Nigeria’s export to China increased by 80 percent, thanks to the zero tariff policy of China.
“I believe that the zero tariff policy, not only will open Chinese big market to Nigeria, but also, it is going to attract more investments to Nigeria, and help to move Nigeria back to the industrial chain.
“So, we will like to work with the Nigerian side because this is a unilateral preferential treatment and it is going to expire on May 1, 2028. So, we need to make good use of the two years to negotiate on the economic development partnership between China and Nigeria,” the Chinese envoy also said.
Yu concluded that China looked forward to working with the Nigerian side to implement the outcomes of the FOCAC important consensus between the two heads of state and to move the bilateral relations to new heights and to build a community with a shared future for China and Nigeria.
Bagudu said the grant was an addition to a $1 million support received by Nigeria from China earlier in the year.
The minister also said of greater importance was the zero tariff approved by Chinese President Xi Jinping, saying it is a very commendable step which Nigeria believed would help the trade volume between both sides to grow.
“For us, it is the support that you have given us and we appreciate it a lot. Our responsibility is now to translate this commitment into tangible benefits for all Nigerians.”
Bagudu expressed appreciation to the Chinese Government, the ambassador and his team for the continued partnership and engagement with Nigeria.
“We look forward to sustaining this cooperation in a manner that delivers mutual benefits,” Bagudu also said.
