Joseph Tegbe, the Director General of the Nigeria-China Strategic Partnership (NCSP), has reiterated Nigeria’s strong commitment to the One-China Principle, as reaffirmed by President Bola Ahmed Tinubu at the FOCAC Summit in September 2024.
He stated that Nigeria recognizes the People’s Republic of China as the sole legal government of China, with Taiwan as an inalienable part of its territory.
Tegbe made this statement during the pre-summit unveiling event for the Nigeria-China Sustainable Bilateral Business, Trade, and Investment Summits, organized by the House of Representatives Committee on Nigeria-China Relations.
Rebalancing Nigeria-China Trade and Boosting FDI
Speaking at the event, Tegbe highlighted Nigeria’s plan to rebalance trade relations with China while promoting increased Foreign Direct Investment (FDI) inflows. He noted that past regulatory bottlenecks, bureaucratic inefficiencies, and trade barriers have hindered seamless business and investment between both countries.
However, he acknowledged efforts by key government agencies such as the Nigerian Investment Promotion Commission (NIPC) and the Presidential Enabling Business Environment Council (PEBEC) in enhancing the ease of doing business.
He emphasized that the upcoming summit will address major obstacles hindering trade and investment, focusing on legislative reforms for 2025.
“With a focus on key sectors such as Agriculture, Mining and Solid Minerals, Power and Renewable Energy, Oil and Gas, Construction, Manufacturing, ICT, and SMEs, this summit will shape the future of Nigeria-China business relations.
These areas align with the vision of H.E President Bola Ahmed Tinubu, GCFR and that of NCSP,” Tegbe said.
China’s Economic Growth as a Model for Nigeria
Tegbe pointed out that China’s transformative economic journey provides valuable insights for Nigeria’s development. “In 2024, China invested a record $163.1 billion abroad, highlighting its commitment to international cooperation and growing global influence; and also highlighting why China is a key partner for Nigeria,” he said.
He further revealed that trade between Nigeria and China reached $23.3 billion in 2023, making China one of Nigeria’s top trading partners.
While this showcases strong economic ties, he stressed the need to address the trade imbalance for mutual benefit.
On foreign direct investments, Tegbe stated: “While Nigeria has made notable progress in attracting FDI, significant opportunities remain untapped. Strategic partnerships, such as the one we are cultivating with China, can unlock new avenues and attract much-needed investment in key sectors, including infrastructure, manufacturing, agriculture, and technology.”
Technology Transfer and Local Capacity Building
Tegbe also highlighted the importance of fostering stronger collaboration between Nigerian and Chinese businesses beyond trade.
“A lot is being done to foster greater collaboration between Nigerian and Chinese businesses to promote technology transfer and knowledge sharing. We do not just want Chinese companies to come to Nigeria to execute projects or trade; we want Nigerians to learn from them so we can indigenously achieve some of the amazing feats we see in China. Scale is, however, critical if significant progress is to be achieved, so I encourage the Chinese companies here present to take a transformational approach to doing business in Nigeria.”
Investment Commitments from China
Since the establishment of the Nigeria-China Strategic Partnership five months ago, Tegbe disclosed that over 216 Chinese companies have expressed interest in investing across various sectors in Nigeria.
“Over 74 companies are looking into the oil and gas sector alone, and the Presidency has received over 70 expressions of interest for transformational projects,” he said.
He added: “If we aggregate investment pledges from China, they add up to almost $40 billion, and we are currently working with relevant government agencies to ensure that these pledges can be actualized in a way that will genuinely benefit all Nigerians.”
This development underscores the growing importance of Nigeria-China economic relations and the strategic push to attract more investment for national development.
