Tegbe Harps On Rebalancing Of Trade Between Nigeria, China

Director General, Nigeria China Strategic Partnership, Joseph Tegbe, has said the Nigeria-China Strategic Partnership targets rebalancing trade between Nigeria and China while boosting foreign direct investments from China.

He stated this in an address delivered during the pre-summit unveiling event for the Nigeria-China Sustainable Bilateral Business, Trade, and Investment Summits, organised by the House of Representatives Committee on Nigeria-China Relations.

In his address, Tegbe reiterated Nigeria’s belief in the ‘One-China principle’, as affirmed by President Bola Ahmed Tinubu at the FOCAC summit held in September 2024. He acknowledged that there is but one China and that the People’s Republic of China is the sole legal government representing the whole of China, noting that Taiwan is an inalienable part of China.

He recalled that in times past, regulatory bottlenecks, bureaucratic inefficiencies, and trade barriers impeded the seamless flow of business, trade, and investment between countries.

However, he acknowledged the roles of various government departments, such as the Nigerian Investment Promotion Commission (NIPC) and the Presidential Enabling Business Environment Council (PEBEC), in improving the ease of doing business in Nigeria.

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Tegbe explained that the summit is being planned to address some of the challenges hindering the promotion of trade and investments between both countries through a legislative agenda for 2025. The ultimate goal is to enact policies and laws to enhance the Nigeria-China developmental relationship in collaboration with the executive.

“Focusing on key sectors such as Agriculture, Mining and Solid Minerals, Power and Renewable Energy, Oil and Gas, Construction, Manufacturing, ICT, and SMEs, this summit will shape the future of Nigeria-China business relations. These areas align with the vision of President Bola Ahmed Tinubu, GCFR and that of NCSP,” he said.