China opens market to Nigerian products

By Egena Sunday Ode

In a significant boost to Nigeria’s economy, China has expressed readiness to allow the importation of Nigerian products of good quality into its market.
According to a joint statement issued by both nations, China welcomes Nigeria to expand trade between the two countries through various platforms, including the China International Import Expo, China-Africa Economic and Trade Expo, and the China Import and Export Fair.
The joint statement was made on Tuesday after a meeting of leaders of both countries; President Bola Ahmed Tinubu of Nigeria and President Xi Jinping of the People’s Republic of China, in Beijing.
President Tinubu is in China on the invitation of President Xi for a state visit, which will be followed with the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).
The joint statement detailed the critical components of the Comprehensive Strategic Partnership achieved through a number of agreements and Memoranda of Understanding (MoU) signed by both nations during the meeting on Tuesday.
China supports the import of more quality products from Nigeria into its market, a move expected to increase Nigeria’s exports and boost its economy.
Nigeria, in turn, has expressed willingness to strengthen its partnership with China in the development of energy and mineral resources, and to work with Chinese companies to set up plants in Nigeria to meet local consumption and export needs.
Both countries have also agreed to deepen cooperation in areas such as digital economy, green development, blue economy, and agricultural modernization, and to foster new growth drivers in cooperation.
Also, Nigeria has welcomed China’s Global Initiative for Artificial Intelligence Governance and Global Initiative on Data Security, appreciating China’s efforts in promoting the rights of developing countries in artificial intelligence, network, data, and other fields.
“Guided by the Cooperation Plan between the Government of the People’s Republic of China and the Government of the Federal Republic of Nigeria on Jointly Promoting the Belt and Road Initiative, both countries remain committed to advancing high-level cooperation of the Belt and Road Initiative and FOCAC Conference outcomes with the Renewed Hope Agenda and the Eight Priority Agenda of the Nigerian Government to jointly promote high-level practical cooperation across board.

“China welcomes Nigeria to expand trade between the two countries through platforms such as the China International Import Expo (CIIE), the China-Africa Economic and Trade Expo (CAETE) and the China Import and Export Fair (the Canton Fair), Lagos and Abuja International Trade Fairs, the Annual Nigerian Mining Week and through new channels such as e-commerce and overseas warehouses in China. China supports the import of more quality products from Nigeria into its market.”