Nigeria Reaffirms Commitment to One-China Principle, Targets Trade Rebalancing with China

Nigeria Reaffirms Commitment to One-China Principle, Targets Trade Rebalancing with China  

Abuja, Nigeria –The Director General of the Nigeria-China Strategic Partnership (NCSP), Joseph Tegbe, has reiterated Nigeria’s firm commitment to the One-China principle, emphasizing that the People's Republic of China remains the sole legal government representing all of China, including Taiwan. This stance aligns with President Bola Ahmed Tinubu’s reaffirmation at the 2024 Forum on China-Africa Cooperation (FOCAC) summit.  

Tegbe made this declaration 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.  

Boosting Trade and Investment

Addressing the gathering, Tegbe stressed that the NCSP is focused on rebalancing trade between Nigeria and China while fostering increased foreign direct investment (FDI) from China. He acknowledged past challenges such as regulatory bottlenecks, bureaucratic inefficiencies, and trade barriers that hindered smooth business operations between the two nations. However, he commended the Nigerian Investment Promotion Commission (NIPC) and the Presidential Enabling Business Environment Council (PEBEC) for their efforts in improving Nigeria’s ease of doing business.  

He revealed that the upcoming Nigeria-China summit would serve as a platform to address trade and investment challenges by setting a legislative agenda for 2025. This agenda aims to develop policies and laws that will strengthen Nigeria-China economic relations in collaboration with the Executive.  

“With a focus on key sectors such as agriculture, mining, power, renewable energy, oil and gas, construction, manufacturing, ICT, and SMEs, this summit will shape the future of Nigeria-China business relations. These sectors align with the vision of H.E. President Bola Ahmed Tinubu, GCFR, and that of NCSP,” Tegbe stated.  

China’s Global Influence and Nigeria’s Strategic Position  

Highlighting China’s growing global economic influence, Tegbe noted that the Asian giant invested a record $163.1 billion abroad in 2024, demonstrating its commitment to international cooperation. In 2023, trade between Nigeria and China reached $23.3 billion, making China one of Nigeria’s largest trading partners. While these figures indicate strong economic ties, Tegbe emphasized the need to address trade imbalances to create a more mutually beneficial relationship.  

“Strategic partnerships, such as the one we are cultivating with China, can unlock new avenues and attract much-needed investments in key sectors, including infrastructure, manufacturing, agriculture, and technology,” he said.  

Encouraging Technology Transfer and Local Capacity Building  

Tegbe underscored the importance of fostering deeper collaboration between Nigerian and Chinese businesses to promote technology transfer and knowledge sharing. He stressed that Nigeria seeks more than just foreign companies executing projects; the goal is to empower Nigerians with the skills and expertise to replicate China’s industrial successes domestically.  

“We encourage Chinese companies to take a transformational approach to doing business in Nigeria. Scale is critical if significant progress is to be achieved,” he added.  

Significant Investment Interest from China 

The NCSP, which was established just five months ago, has already recorded remarkable progress, Tegbe revealed. Over 216 Chinese companies have expressed interest in investing in Nigeria, with 74 focusing on the oil and gas sector alone. Additionally, the Nigerian Presidency has received over 70 expressions of interest for transformational projects.  

“If we aggregate investment pledges from China, they add up to almost $40 billion. We are currently working with relevant government agencies to ensure these pledges are actualized in a way that genuinely benefits all Nigerians,” he stated.  

The Nigeria-China partnership continues to gain momentum, positioning Nigeria as a key investment destination for Chinese enterprises and paving the way for a more balanced and prosperous economic relationship between both nations.