The Nigeria-China Sustainable Bilateral Trade and Investment Summit officially commenced in Lagos, on Monday, uniting a diverse group of esteemed delegates discussing strategies for enhancing economic cooperation between the two countries.
The summit, themed “Towards a Legislative Agenda on Ease of Doing Business”, sought to create a conducive environment for trade, investment, and economic growth.
In his address, Chairman, House of Representatives Committee on Nigeria-China Relations, Hon. Jaafaru Yakubu, disclosed the significant milestone in the collective pursuit of strengthening economic cooperation between Nigeria and China.
He emphasised the importance of the summit in fostering relationships and exploring opportunities for mutual benefit.
Yakubu outlined the summit’s key objectives to include the elimination of legislative bottlenecks impeding commercial relations, strengthening the institutional framework to boost investor confidence, and broadening the Bilateral Investment Promotion Protection Agreement (IPPA).
“Let us work together to harness the vast potential of our bilateral relations and create a brighter future for our nations,” he said, expressing gratitude to all participants for their contributions.
In his remarks, Executive Vice-Chairman and CEO of Merited Negotiation Consulting, Kunle Yusuff, elaborated on the firm’s expertise in facilitating successful summits.
He highlighted that Merited Negotiation Consulting specialised in a wide range of areas, including business negotiation, strategic development, trade facilitation, and investment promotion.
“We have successfully hosted three major global events, bringing together key stakeholders to foster dialogue and cooperation,” he explained, underscoring the firm’s track record in managing complex negotiations.
Yusuff restated the objectives of the summit, emphasising the critical need to address the various challenges faced by both Nigerian and Chinese businesses.
“We aim to identify and resolve obstacles encountered by Chinese companies in Nigeria and Nigerian businessmen dealing with China,” he noted.
Yusuff pointed out that these challenges can range from regulatory hurdles to cultural differences, and addressing them is essential for creating a more favorable business environment.
He also stressed the importance of collaboration among all stakeholders, stating: “This summit is not just about discussing problems. It is about finding solutions and building partnerships that will drive sustainable growth.”
Yusuff encouraged participants to engage actively in discussions, share insights, and collaborate on initiatives that will facilitate trade and investment between the two countries.
Additionally, he expressed his gratitude to the summit organisers and participants, acknowledging their commitment to enhancing Nigeria-China relations.
“Your expertise and insights will undoubtedly enrich our discussions and shape the future of our economic cooperation,” he stated, inviting everyone to contribute to the conversations and work towards actionable outcomes.
Also speaking, Director-General of the Nigeria-China Strategic Partnership (NCSP), Chief Joseph Tegbe, reported a significant surge in Chinese investments in Nigeria.
“The NCSP has facilitated over $10 billion in Chinese investment commitments across various sectors, including agriculture, automotive manufacturing, and oil and gas,” he stated.
Tegbe described the momentum of these investments as “remarkable and instructive,” showcasing the increasing interest from Chinese investors.
He further detailed major projects, including an integrated agricultural investment portfolio exceeding $1 billion and a proposed $10 billion investment in the oil and gas sector.
“While policy formulation and execution reside with the Executive, the Legislature’s support in creating an enabling legal environment is irreplaceable,” Tegbe emphasised.
He underlined the necessity for legislative backing to support these initiatives. “Support the Nigeria-China cooperation for the sake of our dear motherland, Nigeria,” he said and called for collective efforts to enhance bilateral relations.
As the summit unfolds, discussions are expected to focus on 10 partnership actions proposed by Chinese President Xi Jinping, aimed at improving cooperation in various sectors such as health and agriculture.
The summit was attended by His Excellency, The Ambassador of China to Nigeria, Governors Abba Kabir Yusuf, Dapo Abiodun and Sheriff Oborevwori of Kano, Ogun and Delta states, respectively; Minister of Solid Minerals; Minister of Blue Economy and Marine; His Excellency, Chinese Consular General, Lagos.
Also present were President, China Chamber of Commerce, Nigeria; Director General, China Chamber of Commerce, Nigeria; Engr. Gbenga Komolafe, CCE, NUPRC/Director General, PEBEC; Princess Zahrah Audu, Managing Director, Oil and Gas Free Trade Zones Authority; DGs of NEPZA, MD, NPA, ES NIPC, MDs of NEPC, Lekki Free Trade Zone, Delta State Free Trade Zone, Ogun State Free Trade Zone, Alaro Free Trade Zone; Osun State Commissioner for Industry and Trade; President, National Chamber of Commerce, Industry Mining.
