China and Nigeria have pledged to deepen their economic ties ahead of a summit that saw the signing of deals on Sino-African cooperation, nuclear energy, media exchanges and Beijing’s signature $1 trillion infrastructure drive.
Chinese President Xi Jinping and Nigerian President Bola Tinubu held talks ahead of the opening of the Forum on China-Africa Cooperation in Beijing on Tuesday.
Xi and Tinubu said they had upgraded ties between their countries to a “comprehensive strategic partnership” ahead of the three-day summit that begins on Wednesday.
“China and Nigeria, as key developing countries, will strengthen strategic coordination, give new impetus to China-Africa relations in the new era, and lead similar progress in the countries of the Global South,” Xi said.
China’s State Council said Tinubu hoped Nigeria would become China’s largest trade and investment partner in Africa.
According to the Council of State, the Nigerian leader also welcomed Chinese companies to increase investment in the country, enhance cooperation in sectors such as agriculture, manufacturing and mineral energy and assist in poverty reduction efforts.
In a statement released by his office, Tinubu said the countries’ partnership would result in “robust development, stability and security”.
“We have recognized the need to reform our economy, and we are diligently doing that in tax and tariff reviews for various other segments of our nation’s economy,” Tinubu said.
“Trade and investment partners will have easy access to bring in their investments and pull out their resources seamlessly.”
Chinese companies have chosen Africa as a key region for the Belt and Road Initiative, its signature global infrastructure push, with more than $700bn worth of deals on the continent in the decade to 2023, according to Beijing’s Ministry of Commerce.
In Nigeria, China’s state-run Export-Import Bank of China is financing 85 percent of the cost of the $5.8 billion Mambilla hydroelectric plant, which will be the country’s largest power plant upon its scheduled completion in 2030.
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