Nigeria, China Seek To Remove Trade Barriers

The Federal Government has called for the removal of obstacles hindering investment and economic growth as Nigeria and China move to strengthen bilateral trade relations.

Minister of Foreign Affairs, Yusuf Tuggar stated this at the unveiling of the Nigeria-China Bilateral Business, Trade, and Investment Summit 2025 in Abuja where he stressed the need for Nigeria to modernise its business environment.

Represented by the Director of Economy, Trade, and Investment at the Ministry of Foreign Affairs, Ambassador Bolaji Akinremi, the minister highlighted the importance of fostering innovation and investment-friendly policies.

“We must shift from outdated models to forward-thinking, technology-driven business ecosystems,” he said, emphasising the urgency of creating a more conducive business climate.

Chairman, House of Representatives Committee on Nigeria-China Parliamentary Relations, Hon. Jafaru Yakubu underscored the significance of strengthening economic ties between the two nations.

“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,” Akinremi said.

China’s Economic and Trade Commercial Counsellor, Wang Ying-Ki, reaffirmed Nigeria’s role as China’s largest trade and investment partner in Africa.

He also noted the impact of President Bola Tinubu’s recent state visit to China, which laid the groundwork for further economic cooperation.

“The agreement they reached mobilised the business community and set a guideline for enhancing our cooperation,” Wang said, highlighting China’s commitment to infrastructure development in Nigeria.

He cited the Ogun and Nike Free Trade Zones as key examples of Chinese investment in Nigeria, stating, “The infrastructure we’ve built laid a solid foundation for Nigeria to improve its investment environment.”

Hon. Yakubu stressed the role of the Nigeria-China Relations Committee in addressing trade challenges and improving the business climate.

“The Nigeria-China Relations Committee was established to acknowledge the growing influence in the global economy and its significant impact on Nigerian economic development. Through our service delivery, we identify ease of doing business partnerships between Nigeria and China,” he said.

He explained that the committee had engaged consulting firms to organise summits in Lagos and China and submit recommendations to the National Assembly.

“This event aims to present credible investment opportunities, showcase market-ready projects for investors’ engagement, foster collaboration, strengthen the business environment through partnerships, and promote product-facilitated connections between investors and financial institutions,” he added.

Sectors of focus include agriculture, mining, solid minerals, renewable energy, oil and gas, construction, and manufacturing.

Executive Vice-Chairman and CEO of Merited Negotiation Consulting, Kunle Yusuff, a consultant to the Committee on Nigeria-China Relations, said the summit would serve as a platform to assess the challenges faced by Chinese companies operating in Nigeria.

“In addition to addressing challenges, the summit will also promote international strategic collaboration, enabling both Nigerian and Chinese businesses to access global partnerships and foreign direct investment opportunities,” he said.

According to Yusuff, the key agenda includes strengthening institutional linkages, facilitating direct investment, and encouraging collaboration between state governments and the private sector.

“The summit aims to transition the Nigeria-China business relationship from a trade-focused partnership to a development-driven one,” he added.

He also revealed that 217 Chinese companies had expressed interest in investing in Nigeria, saying: “The summit will serve as a key platform for fostering partnerships and ensuring mutual business growth between Nigeria and China.”

The committee, working closely with the Ministry of Foreign Affairs and the Nigeria Investment Promotion Commission is developing strategies to improve the investment environment.