The Nigerian House of Representatives has initiated efforts to address challenges hindering investment and economic cooperation between Nigeria and China. At a high-profile event in Abuja, Jafaru Yakubu, the Chairman of the House Committee on Nigeria-China Parliamentary Relations, revealed these plans during the unveiling of the Nigeria-China Sustainable Business Bilateral Trade and Investment Summit.
The summit, which aims to foster stronger economic relations between the two countries, will focus on addressing existing barriers to trade, investment, and economic exchanges. China has long been one of Nigeria’s largest trading partners, and the summit is expected to provide a platform for both nations to strengthen their economic and commercial ties further.
Yakubu emphasized the importance of creating a conducive environment for business, noting that obstacles such as regulatory issues, infrastructure challenges, and trade barriers have previously impeded the full potential of Nigeria-China relations. He stated that the House of Representatives would work with relevant stakeholders to remove these barriers and improve the ease of doing business between both nations.
During his address, Yakubu also highlighted the need for sustainable investment strategies, particularly in critical sectors like infrastructure, manufacturing, and energy. The summit will seek to address these issues while promoting green investment and environmentally sustainable practices, aligning with global trends towards eco-friendly business operations.
The event comes amid growing interest in deepening ties between the two countries, particularly after recent trade agreements and collaborations on infrastructure projects, including those funded by China in Nigeria. According to figures from the Nigerian government, China has invested billions of dollars in Nigerian infrastructure, including roads, railways, and energy projects, positioning the country as a key partner for China’s Belt and Road Initiative.
As the summit progresses, Nigerian officials are optimistic that the enhanced economic relations will bring mutual benefits in terms of job creation, technological transfer, and economic growth. The event is also expected to attract Chinese investors who are eager to explore opportunities in Nigeria’s emerging markets, especially in sectors like renewable energy, agriculture, and technology.
The summit marks a significant step in Nigeria’s efforts to diversify its economic partnerships and enhance bilateral trade with China. By addressing the challenges facing Nigeria-China economic relations, the country hopes to strengthen its position as a hub for investment in Africa while enhancing its global trade footprint.
Both Nigerian and Chinese officials are expected to participate in the summit’s discussions, focusing on sustainable development and business solutions that could help mitigate the economic and trade hurdles that currently exist. The event will be an important milestone in Nigeria’s efforts to leverage its relationship with China for long-term economic growth and prosperity.
