Key highlights:
- China’s Belt and Road Initiative (BRI) is a China-led infrastructure project that aims to stretch globally.
- China believes that President Muhammadu Buhari has set a very solid foundation for the next government.
- They also urge that Nigeria and China have huge potentials which both countries can work together to harness.
The Chinese Government said it will prioritise the areas of policy coordination, financial integration, facilities connectivity, and trade and investment as it looks to facilitate people-to-people cooperation leading to cultural exchanges with Nigerian and China.
This was disclosed by the Chinese Ambassador to Nigeria, Amb. Cui Jianchun at the University of Abuja on Tuesday in a seminar titled “Chinese Harmony and China-Nigeria Symphony”.
He noted that trade and investment as facilitating cross-border investments and supply chain cooperation is part of China’s Belt and Road Initiative (BRI).
China-Nigeria Symphony
Ambassador Cui Jianchun revealed that China’s Belt and Road Initiative (BRI) is a China-led infrastructure project that aims to stretch globally.
He added that the scheme launched in 2013 by President Xi Jinping, has a collection of development and investment initiatives originally devised to link East Asia and Europe through physical infrastructure, and has also expanded to Africa, Oceania, and Latin America.
He revealed that the trade value between China and the BRI countries is two trillion dollars, which Nigeria is part of, adding:
- “The BRI is an initiative proposed by the Chinese Government aimed at promoting Nigeria-China, Africa-China relations.
- “It is good to try to increase trade among the big countries, not only the individual countries.
- “Nigeria and China have huge potentials which both countries can work together to harness.
- “The most important thing is how we can increase our productivity in Nigeria, and I am working hard on trying to build industries, trying to get Chinese investment.
- “I do believe in the future that we can have products exported to Chinese markets.”
Improved Policy
The Chinese envoy also noted that China identified people-to-people cooperation, which leads to cultural exchanges, as one of the main areas of focus in its relationship with Nigeria.
He added policy coordination, financial integration, facilities connectivity, and trade and investment were the other cooperation priorities of its government.
This he says would be implemented through policy coordination ranging from planning and supporting large-scale infrastructural development projects, and financial integration including enhancing monetary coordination and bilateral financial cooperation.
He also noted that China is increasingly ready to work with the new administration to be sworn in on May 29th, urging that both countries explore the extensive consultations, enjoy the contributions, and share the benefits, said:
- “I have talked with the president-elect and the vice president-elect and I believe we shared a lot of ideas, and I have also shared my ideas and practices with the current President Buhari, and China believes that the current president has set a very solid foundation for the next government.
- “Despite the challenges Nigeria faced, the country has smart, hardworking and talented people.”
In case you missed it
Nairametrics research reported earlier that Nigeria has a combined trade deficit of N18.3 trillion with China in the last 5 years, equivalent to $40 billion in net forex outflows.
China accounts for 38% of all imports to Nigeria over the last 5 years, making it the dominant source for Nigeria’s imports.
China is Nigeria’s largest destination for its forex outflows as billions are spent to import.
Apart from China, Nigeria runs trade deficits with the US, Germany, and the Netherlands. Nigeria’s crude oil exports represent over 78% of total exports, with India, Spain, and Europe being the main buyers.
