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Nigeria Seeks China’s Support for Industrial Growth and Economic Diversification

Olusola Blessing by Olusola Blessing
February 22, 2025
in Business, News
0
Nigeria Seeks China’s Support for Industrial Growth and Economic Diversification
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The Nigerian government has called on China to strengthen economic ties and support its industrialization efforts as part of broader plans to diversify the country’s economy.  

Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, made the appeal during a meeting in Abuja with China’s Ambassador to Nigeria, Yu Dunhai. She highlighted President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes economic diversification and industrial development.  

Odumegwu-Ojukwu outlined key areas where Nigeria seeks China’s partnership, including the establishment of electric vehicle plants, expansion of digital technology, renewable energy development, and modernisation of the agricultural sector. She acknowledged China’s ongoing contributions to Nigeria’s infrastructure, particularly in road and rail construction, as well as efforts to improve power supply and modernize ports—initiatives that are expected to attract more investment. 

The discussion also touched on Nigeria and China’s recently renewed $2 billion currency swap agreement, designed to facilitate smoother financial cooperation and enhance bilateral trade and investment. Both nations expressed optimism that these collaborations would have tangible benefits for ordinary citizens.  

China’s Ambassador Yu reaffirmed his country’s commitment to deepening ties with Nigeria, describing the relationship as a comprehensive strategic partnership. He stated that China supports Nigeria’s aspirations for greater global influence, including its bid for G-20 membership.  

“For China, our approach is consistent—we provide grants to African countries without attaching conditions,” Yu noted, adding that regular reviews will be conducted to assess the progress of bilateral cooperation.  

As Nigeria continues its push for industrialization and economic reform, the government is looking to leverage China’s experience and investment to drive growth in critical sectors.

 

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