China: Nigeria is Our Most Reliable Major Investment Destination in Africa

Michael Olugbode in Abuja

China has described Nigeria as one of its most reliable allies in Africa.

Speaking at the 75th anniversary of the founding of the People’s Republic of China (PRC), China’s Ambassador to Nigeria, Yu Dunhai, said Nigeria remains China’s largest project contracting market, the second-largest export market, third-largest trading partner, and a major investment destination in Africa.

The Ambassador said since the establishment of diplomatic relations in 1971, China and Nigeria have been enjoying a long-standing friendship, with strengthened high-level engagements, consolidated political mutual trust, deepened people-to-people exchanges, and fruitful outcomes of practical cooperation.

He said: “Nigeria remains China’s largest project contracting market, the second-largest export market, third-largest trading partner, and a major investment destination in Africa.

“In 2023, bilateral trade between our two countries reached $22.5 billion. Our practical cooperation has achieved fruitful results in areas such as infrastructure, investment, trade, agriculture and green economy, covering projects for aviation, on land and in the sea,” he said.

The envoy said over the past 75 years since the founding of the PRC, under the strong leadership of the Communist Party of China (CPC), the Chinese nation has forged ahead in unity and has achieved tremendous transformation from standing upright to becoming prosperous and growing in strength.

He noted that over the past decade, the CPC has rallied and led the entire Chinese nation to win the largest battle against poverty in human history.

He said: “Each year, an average of 10 million people were lifted out of poverty, which is equivalent to the population of a medium-sized country.

“At present, nearly 100 million Chinese people in total have shaken off poverty. China has accomplished the historic mission of building a moderately prosperous society in all respects.

“The living standards of Chinese people have grown from bare subsistence to moderate prosperity, while China has moved from weakness and poverty to strength and prosperity, achieving the twin miracles of rapid economic development and long-term social stability in human history.

“Between 2013 and 2023, China contributed over 30 per cent on average to global economic growth, making it the largest driving force for the world economy,” he added.

Yu also added that the Chinese people had embarked on the new journey toward the Second Centenary Goal, which is, 2049, to build China into a great modern socialist country in all respects that is prosperous, strong, democratic, culturally advanced, harmonious and beautiful.

The Speaker of the House of Representatives, Hon. Abbas Tajudeen, who was on hand to celebrate with China, congratulated the country on its 75th anniversary and its growth and achievements.

He also announced that the House of Representatives would be actively engaging through the China-Nigeria Parliamentary Friendship Group initiative to explore various areas for collaboration and cooperation, focusing on sectors such as trade, technology transfer, infrastructure development, and cultural exchange.