Market News

By : Terhemba Daka

***Ambassador tells First Lady bilateral trade hits $18bn, pledges investments in agriculture, health, education

The Chinese government has expressed confidence in Nigeria’s ongoing economic reforms under President Bola Tinubu, describing them as yielding tangible results and calling for their consolidation beyond 2027.

China’s Ambassador to Nigeria, Yu Dunhai, stated this during a courtesy visit to the First Lady, Senator Oluremi Tinubu, in her office in Abuja.

The envoy cited growing trade between the two countries, improved macroeconomic indicators, and renewed investor confidence as evidence of Nigeria’s economic transformation, urging the country to sustain the reform momentum.

He disclosed that bilateral trade volume had reached $18 billion in the first half of the year, while Nigeria’s exports to China had also recorded significant growth over the past three years.

Dunhai said the developments had strengthened confidence in Nigeria’s economic prospects, adding that China was prepared to deepen its investments in the country.

He assured that Beijing would pursue mutually beneficial partnerships guided by the principle that Africa’s resources belong to Africans, with emphasis on high-quality investments and the utilisation of local human capital.

The ambassador, who was making his first visit to the First Lady since assuming office in Nigeria about two years ago, said the engagement was aimed at expressing China’s appreciation for the Renewed Hope Agenda and the complementary interventions of the First Lady’s Renewed Hope Initiative.

He also explored opportunities for expanded cooperation, particularly in healthcare, education, agriculture and food security.

Responding, Senator Tinubu described China’s recognition of the administration’s reform efforts as encouraging, noting that support from a longstanding strategic partner was significant as Nigeria pursued its development objectives.

She welcomed China’s interest in Nigeria’s agricultural sector, particularly its willingness to collaborate on deploying technology to improve agricultural productivity and strengthen food security.

The First Lady pledged to encourage collaboration between the Chinese government and the Federal Ministry of Agriculture and Food Security to advance the initiative.

“When friendship has transcended this long, it begins to yield results, and we are beginning to see the results now,” she said.

Tinubu stressed the need to ensure that the benefits of Nigeria’s ongoing transformation reached vulnerable citizens, noting that targeted interventions remained critical to improving their living conditions.

“We are looking at how the vulnerable ones would be lifted. We know this will help us a lot,” she added.

She urged Nigerians to embrace the country’s ongoing transformation, declaring: “Nigeria is transforming, and we must embrace the new Nigeria.”

Nigeria and China elevated their bilateral relations to a comprehensive strategic partnership in 2024 during President Tinubu’s state visit to China, opening new avenues for cooperation in trade, investment, infrastructure and other areas of mutual interest.