Nigeria, China Strengthen Economic Ties at Bilateral Business Summit
Nigeria and China have taken significant steps to enhance their economic partnership and remove trade restrictions during the unveiling of the Nigeria-China Bilateral Business, Trade, and Investment Summit 2025 in Abuja. The event, aimed at fostering collaboration and showcasing investment opportunities, brought together key stakeholders from both nations to discuss strategies for boosting trade, investment, and infrastructure development.
The Minister of Foreign Affairs, Yusuf Tuggar, emphasized the need for Nigeria to modernize its business environment by removing barriers to investment and promoting innovation. Represented by Amb. Bolaji Alade Akinremi, Director of Economy, Trade, and Investment at the Ministry of Foreign Affairs, Tuggar highlighted the importance of creating a business-friendly ecosystem to attract both local and international investors.
“We must shift from outdated models to forward-thinking, technology-driven business ecosystems,” Akinremi stated. He reiterated the urgency of fostering sustainable development and unlocking Nigeria’s full potential through improved ease of doing business.
Strengthening Nigeria-China Relations
The Chairman of the House of Representatives Committee on Nigeria-China Parliamentary Relations, Hon. Jafaru Yakubu, underscored the importance of strengthening economic ties between Nigeria and China. He noted that the committee was established to address the growing influence of China in the global economy and its impact on Nigeria’s development.
“The Nigeria-China Relations Committee was established to acknowledge China’s growing influence in the global economy and its significant impact on Nigerian economic development,” Yakubu said. He added that the committee has engaged Merited Negotiation Consulting to organize summits in Lagos and China, with the aim of presenting credible investment opportunities and fostering collaboration between Nigerian and Chinese businesses.
The summit will focus on key sectors such as agriculture, mining, solid minerals, power and renewable energy, oil and gas, construction, and manufacturing. It aims to strengthen institutional linkages, facilitate direct investment, and promote collaboration between state governments and the private sector.
China’s Commitment to Nigeria
Representing the Chinese Embassy, Economic and Trade Commercial Counselor Mr. Wang Ying-Ki reaffirmed China’s commitment to Nigeria as its largest trade, investment, and infrastructure partner in Africa. He praised the recent state visit of President Bola Tinubu to China, where both leaders discussed strengthening economic ties.
“The agreement they reached mobilized the business community and set a guideline for enhancing our cooperation,” Wang said. He highlighted China’s investments in Nigeria, including the Ogun Free Trade Zone and Nike Free Trade Zone, which have laid a solid foundation for infrastructure development.
Wang also invited more Chinese businesses to invest in Nigeria, emphasizing the potential for mutual growth and development. “The infrastructure we’ve built laid a solid foundation for Nigeria to improve its investment environment. It is my honor to cooperate with you all, and my office is at your service,” he stated.
Addressing Challenges and Promoting Collaboration
The Executive Vice-Chairman/CEO of Merited Negotiation Consulting, Kunle Yusuff, explained that the summit would provide a platform to identify challenges faced by Chinese companies operating in Nigeria and propose solutions to improve the business environment.
“The primary objective is to establish a feedback mechanism that will allow the government to understand the challenges Chinese companies face and propose solutions to improve the ease of doing business in Nigeria,” Yusuff said. He added that the summit would promote international strategic collaboration, enabling Nigerian and Chinese businesses to access global partnerships and foreign direct investment opportunities.
Yusuff also highlighted the role of Merited Negotiation Consulting in facilitating global partnerships and investments. The firm has successfully hosted major global events during the United Nations General Assembly (UNGA) in 2023 and 2024, bringing together Nigerian business leaders and international investors.
Key Agenda and Expected Outcomes
The summit aims to transition the Nigeria-China business relationship from a trade-focused partnership to a development-driven one. Key agenda points include:
- Strengthening institutional linkages between Nigeria and China.
- Facilitating direct investment in key sectors.
- Promoting collaboration with state governments and the private sector.
- Addressing challenges faced by Chinese companies in Nigeria.
- Proposing legislative solutions to improve the business environment.
The event is expected to result in a comprehensive report highlighting business challenges and proposed solutions, which will be submitted to the National Assembly for further action.
Conclusion
The Nigeria-China Bilateral Business, Trade, and Investment Summit 2025 marks a significant milestone in the economic partnership between the two nations. By addressing trade restrictions, fostering collaboration, and promoting investment, the summit aims to unlock Nigeria’s economic potential and strengthen its position as a key partner for China in Africa.
As Nigeria continues to modernize its business landscape and improve its ease of doing business, the collaboration with China is expected to drive sustainable development, create jobs, and boost economic growth. The summit serves as a testament to the commitment of both nations to building a mutually beneficial relationship that addresses challenges and unlocks new opportunities for trade and investment.
