The Director General of the Nigeria-China Strategic Partnership (NCSP), Joseph Olasunkanmi Tegbe, has disclosed that “recent” engagements between the two countries have secured over $20 billion in investment commitments across key sectors of Nigeria.
Tegbe announced this development in a statement issued by the NCSP on Friday, following a media interactive session held in Abuja.
He stressed the need to strengthen bilateral collaboration between Nigeria and China as part of ongoing efforts to drive Nigeria’s industrialisation and economic growth.
Investment Commitment
According to the statement, Tegbe highlighted the NCSP’s ongoing commitment to coordinating investments, facilitating stakeholder engagements, and ensuring due diligence to guarantee that Nigeria-China collaborations yield tangible, long-term benefits.
- He added that following the elevation of Nigeria-China relations to a Comprehensive Strategic Partnership and the establishment of the NCSP, Nigeria has recorded significant milestones in key sectors.
He stated, “Recent engagements have secured over $20 billion in investment commitments, focusing on critical sectors such as agriculture, automotive manufacturing, mining, steel production, and energy.”
- These investments are expected to boost food security, create jobs, and trigger a new wave of industrial development in the country.
- Tegbe further mentioned that the NCSP’s mandate is to steer the implementation of projects under the Forum on China-Africa Cooperation (FOCAC), while also pursuing additional partnerships beyond the formal agreements.
“Our focus is to ensure that Nigeria not only implements FOCAC projects efficiently but also leverages Chinese expertise, technology, and financing to reactivate Nigeria’s manufacturing and industrial sectors,” he stated.
He said the NCSP will continue to align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at fast-tracking national development and positioning Nigeria as Africa’s industrial powerhouse.
What to Know
Nairametrics previously reported in January 2025 that the trade volume between Nigeria and China in 2024 exceeded $20 billion, according to the Chinese Ambassador to Nigeria, Yu Dunhai.
- Speaking during the Chinese Lunar New Year celebration in Abuja, Yu emphasized Nigeria’s significant role as a major African country with global influence and a key partner in BRICS.
- He also expressed optimism about enhancing trade relations and implementing agreements from the Forum on China-Africa Cooperation (FOCAC), which aims to benefit the citizens of both countries.
- In November 2024, Nigeria’s Vice President Kashim Shettima highlighted that trade relations with China had reached $22.6 billion in 2023, making it one of the largest trade partnerships in Africa.
- The development showed that the trade volume between Nigeria and China declined by 11.5% in 2024 compared to the previous year.
China and Nigeria have a long-standing trade relationship, with China being one of Nigeria’s largest export markets globally. China’s manufactured goods dominate the trade relationship, while Nigeria’s main exports to China are primarily primary products.
