Nigeria to become China’s top partner with $23bn trade record

Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, says the country is on track to become the number one trading partner with the People’s Republic of China, with a trade volume of over $23 billion.

He stated this in Beijing, China, following the signing of multiple Memorandums of Understanding on Nigeria’s behalf with China on infrastructure development and other areas of economic assistance.

Tuggar stated that the signed deal represents an upgrade in Nigeria-China relations, moving from a strategic partnership to a more comprehensive collaboration.

“They want to buy more of our finished products so they are very serious about Nigeria we are their second largest trading partner in Africa we are only behind South Africa.

He also said that the Chinese government has expressed an interest in investing more in Nigeria’s completed products and infrastructure, which would result in job creation and stimulate the local economy.

According to the Minister, Huawei intends to develop two big technology data storage facilities in Nigeria, which he claims will provide jobs and opportunity for young Nigerians.

Tuggar also made known that Nigeria has concluded arrangements to leverage electricity supply opportunities, stressing that this would inject more power into the National grid as well as stabilise electricity supply in the country.

The Minister of Foreign Affairs disclosed further that fifteen MOUs were jointly proposed to be signed but so far only a few have been endorsed in the areas of communication, infrastructure and others that are developmental.

Additionally, Tuggar stated that Nigeria would also sign an agreement on nuclear energy thereby empowering nuclear technology and stabilizing electricity in the country.

The Minister of Foreign Affairs further made known that both countries have also signed an MOU on the export of shelled peanuts and considerable areas of communication to enhance the African Continent of Free Trade Area.

According to the Minister of Foreign Affairs, the Governor of Lagos State, Babajide Sanwoolu and Kaduna State Governor, Sani Uba have signed an MoU on construction with the China Construction and Engineering Company for a bridge construction amongst others.

He added that the five focal infrastructure developmental agreements signed between Nigeria and China support the Nigerian economy and are seen as China’s approach to connecting economies through rail, road, electricity lines and fibre optic cables.

These, the Minister stressed would enhance trade and facilitate easy movement of goods and services.