China and Nigeria signed a raft of deals aimed at broadening their economic cooperation in the run-up to the FOCAC summit in Beijing.
Nigerian President Bola Tinubu met with his Chinese counterpart Xi Jinping on Tuesday. They announced the elevation of the diplomatic relationship to a comprehensive strategic partnership, and Tinubu said he hopes Nigeria will become China’s largest investment and trade partner on the continent.
He also called for Chinese companies to boost investment in agriculture, minerals, and manufacturing, saying the cooperation will provide “robust development, stability, and security.” During the visit Tinubu also hosted a dinner for Chinese CEOs.
Tinubu visited China Railway Construction Company, where he called for the rapid completion of the remaining segments of the Ibadan-Abuja-Kaduna-Kano railway network.
New Nigeria-China Deals
- NUCLEAR: The two sides signed a comprehensive agreement to promote collaboration in nuclear energy. Nigeria has long planned a domestic nuclear industry, and the announcement dovetails with rapid Chinese expansion in the field.
- RENEWABLE ENERGY: Nigeria signed a deal with China’s Mutual Commitment Company to set up a training and testing center for solar and other renewable energy.
- MOBILITY: Mutual Commitment also signed an agreement to assemble electric tricycles in Nigeria.
- FINANCIAL COOPERATION: China and Nigeria will cooperate on flexible and diverse regional currency and fiscal initiatives, including local currency swaps, to promote trade. They will also share financial intelligence.
- SMART CITY: Huawei signed an agreement with the Kaduna State government to implement a Smart City urban data connectivity project in Kaduna.
