In a major effort to help the economic boost in Nigeria, China has indicated that it is willing to permit the entry of high-quality Nigerian products into its market.
China and Nigeria have released a joint statement stating that China is now willing to expand commerce with Nigeria through a number of platforms, such as the China International Import Expo, China-Africa Economic and commerce Expo, and the China Import and Export Fair.
The joint statement was released following a meeting in Beijing between Presidents Xi Jinping of the People’s Republic of China and Bola Ahmed Tinubu of Nigeria.
President Tinubu is in China at President Xi’s request for a state visit, and the Forum on China-Africa Cooperation (FOCAC) Beijing Summit will supposedly take place afterward.
Series of agreements and Memoranda of Understanding (MoU) agreed by both countries at the meeting on Tuesday achieved the essential elements of the Comprehensive Strategic Partnership, which were outlined in a joint statement.
China is in support of bringing more high-quality Nigerian items onto its market, a move that should improve Nigeria’s exports and strengthen its economy.
Nigeria, on the other hand, has indicated that its interest and readiness to engage with Chinese businesses to establish facilities in Nigeria to meet domestic demands and export requirements, as well as to deepen its cooperation with China in the development of energy and mineral resources.
Additionally, both nations have committed to fostering new growth drivers in cooperation as well as strengthening current collaboration in areas including agricultural modernization, green development, blue economy, and digital economy.
Nigeria also commended China’s efforts to advance developing nations’ rights in the areas of artificial intelligence, networks, data, and other domains, and has welcomed China’s Global Initiative for Artificial Intelligence Governance and Global Initiative on Data Security.
The statement read, “Guided by the Cooperation Plan between the Government of the People’s Republic of China and the Government of the Federal Republic of Nigeria on Jointly Promoting the Belt and Road Initiative, both countries remain committed to advancing high-level cooperation of the Belt and Road Initiative and FOCAC Conference outcomes with the Renewed Hope Agenda and the Eight Priority Agenda of the Nigerian Government to jointly promote high-level practical cooperation across board.
“China welcomes Nigeria to expand trade between the two countries through platforms such as the China International Import Expo (CIIE), the China-Africa Economic and Trade Expo (CAETE) and the China Import and Export Fair (the Canton Fair), Lagos and Abuja International Trade Fairs, the Annual Nigerian Mining Week and through new channels such as e-commerce and overseas warehouses in China. China supports the import of more quality products from Nigeria into its market.
“Nigeria is willing to strengthen its partnership with China in the development of energy and mineral resources and to work with Chinese companies to set up plants in Nigeria to meet local consumption and export needs. China will encourage more competent Chinese companies to invest in Nigeria to contribute to the diversified and dynamic development of Nigeria’s economy.
“The two countries will seize the opportunities of developing productive capacity, further deepen overall reform, jointly explore cooperation in areas such as digital economy, green development, blue economy and agricultural modernisation, and foster new growth drivers in cooperation.
“Nigeria welcomes the Global Initiative for Artificial Intelligence (AI) Governance and Global Initiative on Data Security proposed by the Chinese side and appreciates China’s efforts in promoting the rights of developing countries in artificial intelligence, network, data and other fields”.
