Nigeria and China are strengthening economic cooperation by removing trade barriers and fostering investment opportunities. The Minister of Foreign Affairs, Yusuf Tuggar, has emphasized the need for a modern, technology-driven business environment to attract local and foreign investors.
Speaking at the unveiling of the Nigeria-China Bilateral Business, Trade, and Investment Summit 2025 in Abuja, Tuggar, represented by Ambassador Bolaji Alade Akinremi, highlighted the importance of innovation in economic growth. “We must shift from outdated models to forward-thinking, technology-driven business ecosystems,” Akinremi stated.
Representing the Chinese Embassy, Economic and Trade Commercial Counselor Mr. Wang Ying-Ki reaffirmed Nigeria’s status as China’s largest trade partner in Africa. He referenced President Bola Tinubu’s visit to China, which led to discussions on strengthening economic collaboration.
Wang Ying-Ki cited the Ogun Free Trade Zone and Nike Free Trade Zone as key examples of successful Chinese investments. He also encouraged more Chinese companies to explore business opportunities in Nigeria.
Hon. Jafaru Yakubu, Chairman of the House of Representatives Committee on Nigeria-China Parliamentary Relations, noted the committee’s role in fostering stronger trade relations. “The Nigeria-China Relations Committee was established to acknowledge China’s growing influence and its impact on Nigeria’s economy,” he said.
To improve Nigeria’s business environment, the committee has partnered with Merited Negotiation Consulting to organize investment summits in Lagos and China. These summits aim to identify investment opportunities, promote collaboration, and enhance ease of doing business.
Kunle Yusuff, Executive Vice-Chairman and CEO of Merited Negotiation Consulting, emphasized that the summit would provide a platform to address business challenges and create a feedback mechanism for the government. “This summit will not only address challenges but also promote international collaboration, allowing businesses to access global partnerships and foreign investment,” Yusuff said.
With 217 Chinese companies expressing interest in Nigeria, the summit is expected to drive economic growth and strengthen trade relations. A technical working group, in collaboration with the Ministry of Foreign Affairs and the Nigeria Investment Promotion Commission, is developing strategies to transition Nigeria-China relations from a trade-focused partnership to a development-driven one.
The summit’s outcome will be documented in a comprehensive report, proposing legislative solutions to improve Nigeria’s business climate. As both governments remain committed to trade expansion, the Nigeria-China partnership is poised to bring significant economic progress to both nations.
