*NIIA DG advises China to mainstream funding by means of personal sector
Oluchi Chibuzor
The Consul-Basic, Consulate Basic of Folks’s Republic of China, Ms. Yan Yuqing, has described Nigeria as a pilot nation for China-Africa cooperation in constructing the BRI and revealed that the commerce quantity between Nigeria and China was $22.6 billion in 2023.
He additionally mentioned Nigeria’s export to China elevated by 50 p.c throughout the 12 months.
Yuquing disclosed this yesterday on the Lagos Discussion board 2024, which additionally witnessed the launch of a brand new e book titled: “The Chinese language within the Nigerian Financial system” that was written by Mr. Ikenna Emewu.
The discussion board was hosted by the Nigeria Institute of Worldwide Affairs (NIIA) in partnership with the consulate-general of the Folks’s Republic of China.
In accordance with her, “Lately, the financial and commerce cooperation between the 2 international locations has been deepening, and China and Nigeria have constructed good cooperation mechanism, broad cooperation platforms. In 2023, China-Nigeria bilateral commerce reached 22.56 billion USD.
“Lately, the opening and commissioning ceremonies of Nigeria’s Lekki Deep Sea Port and the Lagos Blue Line and Pink Line Mild Railway constructed by Chinese language enterprises have been held successively, which haven’t solely promoted native financial and social growth, but in addition made excellent contributions to the deepening of bilateral financial and commerce cooperation.
“Chinese language hi-tech enterprises have actively carried out cooperation in communication know-how with Nigeria, selling the event of digital financial system and cellular cost in Nigeria, whereas Chinese language new vitality and new materials enterprises have helped improve the Nigeria’s industries.
“The size of Lekki FTZ, Ogun Guangdong FTZ and every kind of commercial parks is increasing daily. It may be mentioned that the deepening financial and commerce cooperation between China and Nigeria is a crucial pressure in selling inclusive financial globalisation.”
Director-Basic of NIIA, Professor Eghosa Osaghae, careworn the necessity for China to start to evaluate its sample of engagements in Nigeria by mainstreaming its funding by means of the personal sector.
Talking on “A Nigerian Views of China Nigeria Relation,” Osaghae emphasised that China should assist Nigeria breakthrough the Everlasting 5 International locations (P5) and alter its funding patterns within the nation.
He mentioned: “Now China is right here and China should assist Nigeria to change into a producing and productive financial system,” slightly than remaining an exporter of crude petrol, fuel, uncooked zinc, iron ore and first agricultural merchandise with out a lot worth addition.
Responding to questions, Business Consul, Chinese language Embassy Lagos, Guo Pengwem, mentioned t it was vital for Chinese language corporations to coach Nigerians, noting “that Nigeria’s export to China elevated by 50 p.c. Oil and fuel is essential to export to China and we do hope to import extra oil and fuel to our nation.”
Reviewing the e book titled “The Chinese language in Nigerian Financial system,” Writer of Moneyreport Publication, Mr. Nik Ogbulie, mentioned the e book confirmed that about 920 Chinese language corporations have been in Nigeria as a part of the over $500 billion worth in Africa.
The writer of the e book, Emewu, acknowledged the necessity for Nigeria to give you a coverage framework on China World South Financial Development Agenda.