JOSEPH TEGBE, DG NIGERIA-CHINA STRATEGIC PARTNERSHIP, REAFFIRMS NIGERIA’S COMMITMENT TO ONE-CHINA PRINCIPLE, TARGETS TRADE REBALANCING

The Director General of the Nigeria-China Strategic Partnership (NCSP), Joseph Tegbe, has reiterated Nigeria's commitment to the One-China Principle, aligning with President Bola Ahmed Tinubu's stance at the FOCAC Summit in September 2024. He affirmed that Taiwan is an inalienable part of China and that the People’s Republic of China remains the sole legal government representing the entire nation.

Tegbe made these remarks at the pre-summit unveiling of the Nigeria-China Sustainable Bilateral Business, Trade, and Investment Summits, an event organized by the House of Representatives Committee on Nigeria-China Relations.

In his address, Tegbe emphasized the strategic goal of rebalancing trade between Nigeria and China, while enhancing Chinese Foreign Direct Investments (FDI) in Nigeria. He acknowledged past challenges such as regulatory bottlenecks, bureaucratic inefficiencies, and trade barriers, which hampered seamless business interactions. However, he highlighted the progress made by the Nigerian Investment Promotion Commission (NIPC) and the Presidential Enabling Business Environment Council (PEBEC) in improving the ease of doing business.

Tegbe outlined that the upcoming summit would address policy and legislative measures necessary to enhance trade and investments between Nigeria and China. This aligns with President Tinubu's economic vision and aims to enact laws that strengthen the Nigeria-China partnership.

The summit will focus on key sectors, including: Agriculture, Mining and Solid Minerals, Power and Renewable Energy, Oil and Gas, Construction, Manufacturing, ICT and SMEs.

Tegbe emphasized the transformative economic journey of China, stating that Nigeria can leverage China's experience to boost industrialization and economic growth. He highlighted that in 2024, China invested a record $163.1 billion abroad, underlining its commitment to global partnerships.

In 2023, trade between Nigeria and China reached $23.3 billion, making China one of Nigeria’s largest trading partners. While this reflects strong bilateral relations, addressing the trade imbalance remains a priority.

Tegbe acknowledged that Nigeria has significant untapped opportunities in attracting Chinese FDI, particularly in infrastructure, manufacturing, agriculture, and technology. He stressed the importance of not just trade, but knowledge transfer, ensuring that Nigerians gain technical expertise from Chinese businesses operating in the country.

"We don’t just want Chinese companies to execute projects in Nigeria; we want Nigerians to learn from them and indigenously achieve similar feats. Scale is critical for real progress, and we encourage Chinese companies to adopt a transformational approach to doing business in Nigeria," he added.

Since the Nigeria-China Strategic Partnership was established five months ago, interest in Nigeria from Chinese investors has surged: 216 Chinese companies have expressed interest in investing in various sectors. 74 companies have shown interest in the oil and gas sector.