Market News

The Nigerian government has urged its Chinese counterpart to remove trade tariffs for Nigeria.

China only recently announced the removal of trade tariffs for 33 African countries.

The Minister of State, Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, according to a statement by her media aide, Magnus Eza disclosed this during an audience with the Chinese Ambassador to Nigeria, Yu Dunhai.

Odumegwu-Ojukwu, according to the statement, also expressed Nigeria’s readiness to industrialise.

She therefore said Nigeria will collaborate with China to achieve economic diversification.

“Amb. Odumegwu-Ojukwu, therefore, appealed to China to remove trade tariffs for Nigeria as it had done for 33 other African countries,” the minister stated.

She stated that Nigeria has had a robust relationship with China spanning over five decades, and noted that the Renewed Hope Agenda of President Bola Ahmed Tinubu prioritises the diversification and strengthening of the nation’s economy.

Amb. Odumegwu-Ojukwu highlighted the President’s commitment to strategic partnership with China mentioning the establishment of electric vehicle plants, digital communication, renewable energy, all aspects of digital technology, and agriculture as major areas in Nigeria that needed Chinese support.

She acknowledged China’s contribution to the development of road and rail infrastructure in Nigeria.

The minister also stated that the country was taking tangible steps to improve its power sector and modernise the ports, emphasising that all these will enable investments.

The minister further expressed Nigeria’s resolve to expand cultural relations with China even as she pointed out that many Nigeria youth were inclined to learning Chinese Language.

“It’s quite interesting that a large population of Nigerian youth is inching towards Chinese Language. A lot of Nigerian Universities are desirous to offer Chinese Language. Chinese had become the language of trade in the world.

“Nigeria-China will continue to relate not just bilaterally but multilaterally.

“We expect that we will continue to get the support of China but we will always reciprocate that multilaterally.

“In line with President Tinubu’s plan to industrialise Nigeria, we expect Chinese cooperation in establishing assembly plants of electric vehicles; digital communication, renewable energy, all aspects of digital technology, and agriculture because of food insecurity as the government is interested in seeing that food gets to the poorest of the poor. Government is not just talking about food but has established a separate Ministry of Livestock,” the minister stated.

“Importantly, the minister said that the Renewed Hope Agenda is focusing on people-to-people contacts, country-to-country relations.”

On his part, the Chinese Ambassador acknowledged that it was important that the two countries met to review how far they have performed in their bilateral cooperation.

He described Nigeria as a great country that had remained a strategic partner to China.

Amb. Dunhai said that President Tinubu’s first official visit to China and participation in the Forum of China-Africa Cooperation (FOCAC), took the relationship between both countries to greater heights.

The envoy said that the two countries were cooperating in several areas including road development, railway modernisation, power, industrial parks, Lekki Sea Port and a lot more.

He gladly informed that the volume of trade between Nigeria and China surpassed $21billion last year, while Nigeria’s exports to the country exceeded 25%.

The envoy said that manufacturing was central to industrialization, adding that the recently renewed $2billion currency swap in the area of financial cooperation, would strengthen cooperation and promote bilateral trade and investment between both countries.

Amb. Dunhai was upbeat that these progressive efforts would eventually benefit the ordinary people.

He said: “We have a comprehensive strategic partnership with Nigeria. China would want Nigeria to play a big role in the international scene. We want Nigeria to become a member of the G-20. These will all provide an opportunity for China and Nigeria to further work together closely.

“For China, we have been very consistent. We give grants to any African countries; we don’t give any.”