The Nigerian government and China are set to host high-level summits aimed at enhancing the ease of doing business between both nations while transitioning their bilateral relationship from trade-focused engagements to broader development initiatives.
This was disclosed by Kunle Yusuff, Executive Vice Chairman of Merited Negotiation Consulting and Consultant to the Committee on Nigeria-China Relations, during the official unveiling of the summit in Abuja, Nigeria.
He emphasized the importance of global partnerships in attracting FDI and promoting economic development. He noted the need to address trade imbalance between Nigeria and China, using a multifaceted approach. pic.twitter.com/RGO8A37Axd
— Nigeria-China Strategic Partnership (@nigeriachinasp) March 12, 2025
The upcoming summits are expected to foster mutual economic growth, attract strategic investments, and strengthen bilateral cooperation in key sectors.
He said the first phase of the summit, which is being organized in collaboration with the committee on Nigeria-China parliamentary relations, will be held in the second quarter of this year, precisely in the second week of May, in Lagos, Nigeria, while the second phase to be held in China will take place in the third quarter of the year, specifically the third week of July 2025.
He said the summit will enhance the compilation of comprehensive data based on Chinese companies in Nigeria and the sectors in which they are engaged, note their challenges, and propose solutions, which will be submitted to the Nigeria-China Relation Committee for transition to the larger National Assembly for enactment of a bill to enhance ease of doing business.
According to him, the Nigeria/China Relations Committee was established to recognize China’s growing importance in the global economy and its significant impact on Nigeria’s economic development.
“During our service delivery, we identified ‘Ease of doing Business’ as a major hurdle in fostering seamless business, trade, and investment partnerships between Nigeria and China.
“It may interest you to know that presently in Nigeria, we have 6,962 Chinese companies.
Active: 4889 and inactive: 2073l,” he said.
He said the event tagged Nigeria-China Sustainable Development of Business, Trade and Investment Summits Towards a Legislative Agenda for Ease of Doing Business has other objectives, which are to present credible investment opportunities and showcase market-ready projects for investor engagement.
He explained that the summits will focus on the special areas of agriculture, mining and solid minerals, power and renewable energy, oil and gas/mine, construction and civil works, manufacturing, trading, communications, ICT, entrepreneurship, and small and medium enterprises.
He said there would also be an international strategic platform urging would-be participants to leverage it to connect with over 200 investors and business leaders eager to invest in Nigeria, fostering potential partnerships and business growth.
Kunle said after the summits, the two relationships will no longer be about trade volumes but real development in terms of China establishing more manufacturing companies in Nigeria and generate employment for youths, improving Nigeria’s GDP, bringing in FDI, ICT, and adopting artificial intelligence, among others.
“Nigeria is currently on the third tier in terms of trade volumes in Africa; I believe after the summits Nigeria will move to number one or two with more development,” he said.
He said a technical committee consisting of Nigerians and Chinese has been formed to ensure the success of the summit.
He called for stakeholders’ active participation, collaboration, and sponsorship for the success of the summit in Nigeria and China, as it brings tremendous benefits.
He said those to attend include Mr. President and Commander-in-Chief and Mr. Speaker, State Governors, Various Diplomatic Institutions, over 500 CEOs of Chinese companies, 30 Director-Generals, Executive Secretaries, and Federal Commissioners from Federal Government Agencies in Nigeria.
Nigeria’s Foreign Affairs Minister, Ambassador Yusuff Tuga, represented by the Director of Economy, Trade, and Investment at the Ministry, Amb. Bolaji Alade Akinremi, said there was an urgent need for Nigeria to prepare for growth by removing barriers that hinder investment, innovation, and sustainable development.
“We must shift from outdated models to forward-thinking, technology-driven business ecosystems,
“The time for a new chapter in Nigeria-China relations is now. We must work together to unlock Nigeria’s full potential, with a clear focus on the ease of doing business,” he said.
Chairman of the Committee on Nigeria-China Parliamentary Relations, Hon. Jafar Yakubu, said that to address challenges being faced by Nigeria and China while conducting business, the committee engaged Merited Negotiating Consulting Firm as a consultant to organize summits in Lagos and China and submit a robust report to the National Assembly. He said the events aim to present investment opportunities: showcase market-ready projects for investor engagement, foster collaboration, and foster and strengthen the business environment through partnerships.
‘Our ultimate goal is to establish a feedback mechanism that informs a legislative agenda, enhancing the ease of doing business between Nigeria and China.
The Chinese Ambassador to Nigeria, represented by the Economic, Trade and Commercial Counselor, Mr. Wang Ying-Ki, said Nigeria remains one of the greatest trade partners of China. He said China is already participating in many manufacturing businesses in Nigeria, especially at the Ogun and Lekki Free Trade Zones, and expanding across the country, hoping for more after the summits.
“The infrastructure facilities being built in Nigeria by China are making Nigeria attractive to the whole world,” he said.
Nigeria has over 50 years of diplomatic relationship with China, with a trade volume of over 23.3 billion dollars as of 2023. The summit is designed to further enhance the relationship and increase development in Nigeria.
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