Nigeria Poised to Become China’s Top Trading Partner with Over $23 Billion in Trade

Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has announced that the country is on track to become the leading trading partner of the People’s Republic of China, with trade volumes exceeding $23 billion. This development follows a series of Memorandums of Understanding (MoUs) signed in Beijing, focusing on infrastructure development and broader economic support for Nigeria.

Tuggar emphasized that these agreements mark a significant upgrade in the bilateral relationship, transitioning from a strategic partnership to a more extensive collaborative framework. He noted that China is keen to increase its purchases of Nigerian finished products, positioning Nigeria as China’s second-largest trading partner in Africa, trailing only South Africa. The heightened interest from China is expected to further boost trade and economic engagement.

The Minister also highlighted China’s commitment to investing in Nigeria’s finished products and infrastructure, which is anticipated to create job opportunities and stimulate the local economy. Huawei has proposed the construction of two major technology data storage centers in Nigeria, which will generate employment and provide opportunities for the nation’s youth.

In addition, Nigeria has reached agreements to improve electricity supply, which aims to enhance the National Grid and stabilize the country’s power supply. Tuggar pointed out that this initiative aligns with the broader goal of transitioning the relationship with China from a strategic partnership to a comprehensive strategic collaboration, as requested by President Xi Jinping last year.

The agreements also include plans to sign an MoU on nuclear energy, which will support nuclear technology and stabilize Nigeria’s electricity grid. This agreement will involve the National Atomic Energy Commission and aims to harness nuclear technology for various applications, including energy and medical uses.

Furthermore, Nigeria and China have signed an MoU related to the export of shelled peanuts, enhancing the African Continental Free Trade Area. The Minister also facilitated a significant agreement between Nigerian Television Authority and a Chinese news network to foster media collaboration.

Governors of Lagos and Kaduna states have signed MoUs with China Construction and Engineering Company (CCCC) for infrastructure projects, including bridge construction. These agreements are part of a broader set of five major infrastructure development projects between the two nations, aimed at improving connectivity through rail, road, electricity lines, and fiber optic cables.

Overall, these developments are expected to significantly enhance trade and facilitate the movement of goods and services between Nigeria and China.

WRITTEN BY: BLOSSOM KUGBERE.

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