Nigeria has enormous potential for investment with the renewed hope agenda of President Bola Ahmed Tinubu’s administration.
This assertion was made by the chairman of the House of Representatives Committee On Nigeria-China Parliamentary Friendship, Hon Jafaaru Yakubu, while receiving the visiting delegation from Huaihua, Hunan Province, China, at the National Assembly.
He said Hunan Province’s expertise in agriculture and manufacturing would be expedient for foreign direct investment and the development of the small and medium-scale industry in the country, adding that further consultations would be fruitful and productive.
He said China is undoubtedly the emerging first frontier of human development, on its way to overtaking the US economy as the largest economy in the world, which is anticipated by the year 2050 or even earlier.
He said, “Presently, it is the manufacturing and trading hub of the world, dominating trade relations with eight out of ten of the most developed countries in the world and most of Africa. In the process of becoming the ultimate determinant of the global pricing template and successfully reducing inflationary pressures on emerging economies, Internally, they are probably the most successful jurisdiction for poverty alleviation, having reduced absolute poverty to less than 5% of the population and being on a trajectory of total elimination by 2035.
“On the international scene, China has become a major global role player in development through major interventions in Humanitarian and infrastructure development. On the other hand, Africa is the last frontier for humanity in terms of development, and Nigeria is the logical starting point for any conversation on African development. This is not an empty embellishment because Nigeria’s population constitutes 20% of sub-Saharan Africa, making it the single largest market in Africa.
Furthermore, its strategic location at the gateway into the West coast makes it strategic for regional commerce with access to the Central African markets, the Congo basin, and even Great Lake Lakes countries. The new protocol on African trade that is highly accepted by all, Africa Continental Free Trade Area (ACFTA), has expanded the scope of market access into Africa from Nigeria.”
Welcoming the delegation from the Hunan province of southern China, he said that he had always been fascinated by humans, the birthplace of modern China, where the great Mao was born. “This historical significance, alongside being the ‘rice bowl’ and ‘fish pond’ province of China, makes Hunan a top-line province to look at when doing business in China. The mining sector in nonferrous minerals is very robust. In all, these are viable areas of collaboration that cannot be ignored in any viable agenda for collaboration,” he added.
He said, on the whole, the Nigerian government takes the Nigeria/China relationship so seriously that it has been escalated to a parliamentary commitment where a dedicated committee, which he had the privilege to Chair, is now anchoring it to give it a legislative bite. “We have already engaged a credible consultant, Merited Negotiating Consulting, to organise a summit in Nigeria and China on sustainable trade and investment relations. The aim is to fashion a Legislative Agenda for a sustainable pathway for ease of business between Nigeria and China. I invite you to partner with us,” he added.
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