Business News of Friday, 27 June 2025

Source: www.nationsonlineng.net

China ready for trade deals with Nigeria - Envoy

Presidents Bola Tinubu and China President Xi Jinping Presidents Bola Tinubu and China President Xi Jinping

The Chinese Ambassador to Nigeria, Yu Dunhai, yesterday expressed his country’s eagerness to negotiate an Economic Partnership Agreement for Common Development with Nigeria. This, according to Dunhai, is to ensure that both countries maximise the benefits of the China zero tariffs policy.

China recently announced a zero-tariff trading for Nigeria and other African countries.

Yu Dunhai spoke at the opening of the International Conference (West Africa) Second Post-FOCAC Abuja Forum, which centred on implementing the “Ten Partnership Actions” announced at the 2024 Forum on China-Africa Cooperation Summit in Beijing.

The envoy said: “China stands ready to negotiate an Economic Partnership Agreement for Common Development with Nigeria as early as we can, in order to maximise the benefits from China’s zero-tariff policy, share development opportunities and achieve mutual revitalization goals.”

He added, “ In the past recent days, we have seen major projects of cooperation between China and Nigeria achieving remarkable progress: the lithium processing plant in Nasarawa State commenced operations, the Ajaokuta Steel Plant revitalization project advances steadily and the Abuja’s N16 main road and Greater Water Supply project completed. These developments underscore our strong economic complementarity and bright prospects for win-win cooperation.”

Speaking on the gains of the FOCAC Beijing Summit, Dunhai said China and Africa have achieved significant progress in implementing the ‘Ten Partnership Actions’, with strengthened strategic mutual trust, deepened practical cooperation, and enhanced multilateral coordination.

These developments demonstrate that China-Africa cooperation rests upon a solid foundation, addresses broad shared needs, and possesses immense potential.”

The envoy noted that tangible progress had already been made in several strategic areas.

“In just nine months after the FOCAC Beijing Summit, China and Africa have achieved significant progress in implementing the ‘Ten Partnership Actions’, with strengthened strategic mutual trust, deepened practical cooperation, and enhanced multilateral coordination.

“These developments demonstrate that China-Africa cooperation rests upon a solid foundation, addresses broad shared needs, and possesses immense potential,” he noted.

Dunhai also highlighted recent policy moves made at the FOCAC implementation meeting in Changsha, including China’s removal of tariffs on exports from 53 African countries and an offer of deeper collaboration in emerging industries.

“China and Africa must anchor ourselves firmly on history’s right side, champion the times’ progress, and counter the global uncertainty with the stability and resilience of China-Africa relations.”

In his remarks, Tegbe highlighted Nigeria’s pivot toward a more institutionalised, development-driven relationship with China.

“After FOCAC 2024, Nigeria and the People’s Republic of China elevated their partnership to a Comprehensive Strategic Partnership.

“This marks a period when we are no longer satisfied with maintaining mere relationships, but strive to build robust development partnerships that are based on mutual trust and respect,” Tegbe stated.

He described the establishment of the NCSP under the Presidency as a critical step in formalising long-term bilateral engagement.

“This appointment marks a decisive first step in institutionalising a more focused, coordinated, and forward-looking engagement with the People’s Republic of China,” he said.

Tegbe noted that the partnership aligns with both Nigeria’s Renewed Hope Agenda and China’s Belt and Road Initiative. The NCSP’s mission, he said, is to foster collaboration in infrastructure, trade, health, technology, agriculture, and education.

He outlined Nigeria’s integration into China’s “Ten Partnership Actions” under FOCAC, pointing out recent benefits such as zero-tariff access for Nigerian exports.

“This action was implemented about a week ago by the Government of China who removed tariffs on exports from 53 African countries, including Nigeria. Our strategy is to leverage this opportunity in our drive to become a net exporter to China like Brazil,” he said.

Tegbe also detailed upcoming infrastructure initiatives. “Nigeria has committed over $8bn in the last 10 years. Additional projects amounting to over $8bn have been identified and prioritised in the FOCAC projects,” he stated.

He further cited ongoing collaboration in public health, noting China’s pledge to send 2,000 medical professionals to Africa and invest in hospital alliances—efforts that complement Nigeria’s Presidential Initiative for Unlocking the Healthcare Value Chain.

The NCSP, according to Tegbe, has also promoted exchange programmes, green energy ventures, and joint efforts on security.

“Let me reaffirm the commitment of the President, Federal Republic of Nigeria, President Bola Tinubu, to providing the right environment for the implementation of these partnership actions.

“Nigeria is well-positioned to receive the next tranche of disbursements from the $51 billion African fund portfolio as we are currently expanding our horizon,” Tegbe concluded.

The Director of the Centre for Contemporary China-Africa Research, Professor Sheriff Ibrahim, declared that China-Africa relations have evolved into “a formidable force to break, a concert of giants, a bandwagon of hope and a journey of resilience.”