Nigeria-China trade volume exceeds $20bln in 2024 — Envoy
Dunhai while disclosing this on Saturday in Abuja at the 2025 Chinese Lunar New Year celebration at the Chinese Cultural Centre, added that 'Nigeria is the country where China has the largest engineering contract, the second largest exporting market, and the third largest trade partner for China in Africa.
According to him, '2024 was a successful year for the two countries, the climax of the success being the elevation of the two countries' bilateral relations to a comprehensive strategic partnership by President Bola Tinubu when he visited China. 2025 will be a lot better.'
The ambassador noted that one of the key pillars of the Nigeria-China relationship is the very close people-to-people and cultural exchange, and the Chinese New Year celebration serves as a significant catalyst in promoting the exchange.
'Nigeria is a major African country that has world influence, and being a partner country of BRICS, China looks forward to working with it to implement the 10 Action Partnerships that will benefit citizens of the two countries.
'Happy Chinese New Year to all of the Chinese communities in Nigeria. I also wish the people of Nigeria a year filled with joy, peace, prosperity, and love.
'The year of the snake represents hard work, intelligence, happiness, so we hope that the year of the snake will bring peace and prosperity for Chinese and Nigerian people.
'Each year, we organize this Spring Festival Temple Fair, and this year, we invited over 2,000, both Nigerians and Chinese, to enjoy and celebrate together with us,' he said.
Speaking on the occasion, the Permanent Secretary, Federal Ministry of Art, Culture, Tourism and Creative Economy, Mr. Oraeluno Raphael Obi, said the relationship between Nigeria and China is 'steeped in history,' marked by mutual respect and shared aspirations.
'Just as the snake sheds its skin to embrace new beginnings, our bilateral ties continue to evolve, reflecting our commitment to wisdom and transformation.'
Obi noted that the two countries share a common trait, boasting rich and diverse cultures with deep historical roots that continue to influence their modern societies.
According to him, despite their geographical distance, they find common ground in their shared values of family, community, and respect for elders, as reflected in the vibrant festivals of Nigeria and the colorful traditions of China.
He added that the rich culinary delights, diverse artistic expressions, and cherished traditional practices of both two countries serve as vibrant testaments to the beauty of their cultures, cultivating a profound spirit of cross-cultural understanding and mutual appreciation.
'The goodwill that China has extended towards Nigeria in various sectors, particularly in culture and tourism, has been instrumental in enhancing our bilateral relationship.
'The collaborative efforts in cultural exchanges, art exhibitions, and tourism initiatives have not only enriched our societies but have also created avenues for economic growth and development.
'As we celebrate this new year, I would like to reaffirm our commitment to promoting and strengthening the bilateral cultural ties between Nigeria and China.
'The Federal Ministry of Art, Culture, Tourism and Creative Economy is dedicated to implementing policies and programmes that foster cultural exchange, support artistic collaborations and enhance Tourism opportunities.
'We envision a future where our cultural interactions flourish, creating a network of shared experiences that benefit both nations.'
Also in his remarks, Mr. Xu Zhen Tao, the Deputy Director of Beijing Municipal Bureau of Culture and Tourism, said Nigeria and China have enjoyed a long-standing friendship since establishing diplomatic relations in the mid-20th century.
He said: 'Under the Belt and Road Initiative, China-Nigeria cooperation not only deepens the bilateral relations, but creates more opportunities for realizing stability, prosperity and development across the African continent and even globally.'
The Director of the Centre for Contemporary China-Africa Research in Nigeria, Prof. Sheriff Ghali Ibrahim, noted that the event is part of cultural integration, where we learn from each other.
This mutual understanding, he added, enables us to coexist peacefully, as we accept and appreciate the values and norms of other cultures.
'China is a great civilization with a history of more than 5,000 years, and it strives to celebrate its culture worldwide.
'Similarly, Nigeria is proud of its rich cultural heritage, but the key difference between Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
37 minutes ago
- Zawya
Debt swap momentum mounts in Africa: IFR
African countries are clamouring to follow the lead of Ivory Coast's recent debt-for-development swap, according to one of the landmark World Bank-backed deal's new money lenders. 'The same logic can be replicated to another jurisdiction, focusing on a sector that's a priority for them,' said Ankit Khandelwal, head of Africa for sovereigns, development finance institutions and blended finance at MUFG, citing healthcare as one possible alternative to Ivory Coast's commitment to use some of its DFD savings for education. Khandelwal reports engaging with 'multiple' African sovereigns on potential DFD deals, with some requesting case studies. 'There is a lot of interest. That approach gives the ability to a country to actually lock in some of the savings using the power of a partial World Bank guarantee and channel those savings into an area that is priority for that country.' The groundbreaking new Gaia blended finance platform – which MUFG has been instrumental in bringing to market – may also be integrated into DFD structures. "If the underlying project is aligned with the goals of Gaia, then absolutely,' he said, noting that Gaia can also provide competitive financing in local currency. The climate adaptation-focused platform, which will become operational shortly, should provide complementary capacity to the Japanese bank's existing blended finance efforts. "One of the key reasons for us getting involved in Gaia is to look at some of those smaller but essential projects,' said Khandelwal. He said MUFG is "already engaged' with African sovereigns to identify projects that could be financed under Gaia. Nine of Gaia's 25 targeted sovereigns are in Africa. Gaia has also been a catalyst for efforts by MUFG to involve philanthropic investors in its blended finance deals. "We are getting into that space. We are in conversation with some of them on specific transactions," Khandelwal said. Middle East expansion MUFG is expanding its blended finance effort to emerging Middle East economies such as Jordan and Iraq, according to Khandelwal, who recently relocated to Dubai from London to facilitate the new push. He expects to retain the bank's existing focus on all types of infrastructure financing, including roads, rail, airports, ports, hospitals and schools – 'the whole spectrum of social infrastructure'. MUFG's 'slightly unique' approach also sees it focus on the long tenor end of the spectrum of the debt financing requirements. That "is where the blended finance product really comes through and provides the added advantage for the borrowers', according to Khandelwal. With capital requirements limiting bank appetite in this area, it emphasises mobilising non-bank liquidity from life insurers and pension funds globally. This also requires working closely with providers of credit enhancement, including multilateral development banks, export credit agencies and newer entities such as the Green Guarantee Company. Investor demand for well rated infrastructure debt in emerging markets remains strong, Khandelwal said. 'When investors are confident the deals are being structured [well], there is definitely demand there.' This in turn can drive blended finance pricing to competitive levels, though not to the concessional levels provided by donors. The recent lowering of western aid has made this financing rarer, however, and has forced some African sovereigns to seek alternative sources. Against this background, Khandelwal expects public/private PPP structures to grow as a way of delivering infrastructure 'without leveraging government balance sheets any further", citing the Lobito Corridor rail project in west Africa.
Zawya
37 minutes ago
- Zawya
African agribusiness market expected to reach $1tr by 2030
The African agribusiness market reached approximately $280bn in 2023, according to estimates by the African Development Bank (AfDB), with $35bn representing the Egyptian market alone. It is expected to grow to $1tr by 2030, at an annual growth rate of 19.94%, making the Egyptian agricultural sector a particularly promising investment opportunity. Agriculture accounts for around 35% of the continent's GDP and employs more than half of the workforce, making it the most labor-intensive sector. Africa possesses over 60% of the world's uncultivated arable land, offering significant potential to expand agricultural production. Countries such as Egypt, Kenya, and Nigeria lead in attracting investments in agricultural technology, collectively accounting for 86% of total funding in this sector in 2022. African markets are experiencing increasing demand for agricultural products, positioning the continent as a strategic destination for exports, especially amid changes in global trade policies. Egypt is working to strengthen its agricultural investments across Africa, focusing on enhancing bilateral cooperation in agricultural production and agribusiness. The country also aims to increase its agricultural exports to African markets, leveraging regional trade agreements and growing demand for agricultural products. In this context, the 37th edition of the 'Sahara 2025' Exhibition and Conference, the largest agricultural exhibition in Africa and the Middle East, is scheduled to take place from 14-16 September. The event will be held, at the Egypt International Exhibition Center in New Cairo, under the auspices of the Cabinet and several ministries and authorities. The exhibition is a pivotal annual event that brings together key players in the agricultural sector from more than 20 countries, including China, India, Italy, and Turkey. With sponsorship from leading companies and institutions like the Agricultural Bank of Egypt, National Bank of Egypt, Kafr El Zayat for Pesticides & Chemicals, Evergrow, El Sewedy Watanya, Techno Seeds, Techno Chem, and Tanta Motors. The event will feature over 90 speakers and is expected to attract more than 20,000 visitors, 5,000 conference participants, and over 350 exhibiting companies, as well as several specialized educational programs. As part of this program, the exhibition will welcome delegations from prominent countries, including Saudi Arabia, the UAE, Iraq, Kuwait, Algeria, and Jordan. This programme is designed to support Egyptian exhibitors, enhance export opportunities for local agricultural products and services, and strengthen regional and international trade partnerships. Since its launch in 1987, Sahara has established itself as the largest trade and knowledge platform in the agricultural sector in the Middle East and Africa, aligned with the state's plan to increase agricultural exports by 20% by 2025.
Arabian Post
7 hours ago
- Arabian Post
India-US Ties Are Too Strong To Be Rocked By Trade Tariff
By Nantoo Banerjee Come August 27, the picture of the Indo-US trade may show a considerable change. India's merchandise exports to the US will be generally subjected to a 50 percent import tax from that date. A few categories, including drugs and pharmaceuticals, have been exempted. The reason advanced by US President Donald Trump for imposing the punitive tax rate on India is India's large oil import from Russia helping the latter financially to keep fighting against Ukraine. Everyone including President Trump knows the assumption is flawed. India is the world's second-largest importer of crude oil to meet its energy needs, with over 85 percent of the country's oil consumption coming from foreign sources. China, the world's biggest crude oil importer, is the second largest buyer of Russian oil. Turkey and Brazil also import significant quantities of Russian oil products. They all import oil from Russia for commercial reasons. Russian oil and gas are available at much discounted rates. Thanks to the EU and NATO trade and financial sanctions coupled with the fixation of Russia's oil export price, Russian crude has become the world's cheapest. India would buy crude oil from any country if its landed import cost works out cheaper than that of Russian oil. India is upset with the US for singling it out for penal tax while sparing China, at least for now, and Turkey. Interestingly, Pakistan, a new found Trump friend, skips Russia while importing roughly 85 percent of its crude oil needs. It imports crude oil primarily from Saudi Arabia, the United Arab Emirates, and the United States. In a recent development, Pakistan has agreed to import crude oil from the US for the first time, marking a shift in its traditional reliance on West Asian energy sources. This new import deal is part of Pakistan's broader effort to deepen trade and geopolitical ties with the US. Recently, the US issued an executive order suspending the heightened tariffs on Chinese imports until November 10, this year. The current 10 percent US reciprocal tariff with China remains in effect during this suspension period. The US has also suspended additional tariffs on imports from Mexico, a major supplier of merchandise goods to the US along with another US neighbour, Canada, for 90 days. The US has imposed 35 percent import tax on Canada and 25 percent on Mexico covering goods that are not compliant with the Canada-US-Mexico agreement. Though Turkey was spared with only a baseline 10 percent tariff in US President Donald Trump's trade announcement, compared with higher tariffs for many other countries, for unknown reasons, it is unlikely to bring much benefit to the country. Turkey has free trade agreements with as many as 54 countries outside the US and the EU. Thanks to those FTAs, 68 percent of Turkey's exports go to these countries. Turkey has a customs union with the European Union that removes trade restrictions. While the US has imposed a 50 percent import tax for goods from Brazil, which stand for only 1.3 percent share of US imports, it has also punished Switzerland with an import tax of 39 percent and South Africa 30 percent. Clearly, India, which accounts for 2.7 percent share of US imports, does not need to panic immediately on the punitive US import tariff linked with the country's recent spurt in cheaper oil imports from Russia. The only concern is that till now the US has been India's biggest source of trade surplus and the higher import tariff could substantially reduce its positive trade balance with the US. While the US can ignore India, which does not feature even among the top 10 of the global US trade partners, the US market is extremely important for India as the country has been traditionally suffering from large annual trade deficits with a host of other nations, led by China. The US has not spared even its traditionally important trade allies such as Mexico, Canada, China, Japan, Germany, South Korea, Vietnam, Taiwan, the Netherlands with its import tariff mostly ranging from 15 to 20 percent. China's case is very special for the US as the country accounts for the second largest share (13.4 percent) of US imports, just behind Mexico's share of 15.5 percent. Canada's share of US imports is 12.6 percent. Both Canada and Mexico, the two large US neighbours, have attracted punitive import tax rates. For the present, India needs to exercise caution and patience to deal with the extremely unpredictable and moody US president. Considering that India's export trade with the US is under threat, the country must use diplomatic tools to reduce tension between the two nations. In fact, India's diplomatic relations with the US have been growing fast, marked by increased cooperation in defence and technology. India must focus on strengthening strategic partnership, address shared challenges, and promote a free and open Indo-Pacific. The fact which needs to be focused on is India's significant increase in defence cooperation with the US designating India as a major defence partner and granting Strategic Trade Authorization-1. This includes foundational defence agreements and joint military exercises. India needs to focus on the US-India Initiative on Critical and Emerging Technologies (iCET) launched to foster collaboration in areas like semiconductors, space, and 5G/6G. India's current trade tension with the US is most unlikely to last long. Strategically, the two countries are coming increasingly closer to each other. The two countries have been collaborating on various platforms such as the Quadrilateral dialogue (Quad), a strategic partnership with Australia and Japan focused on the Indo-Pacific. India is also cooperating with the US on issues like climate change, pandemic preparedness, and sustainable development. On the other hand, encouraging progress has been made in civil nuclear cooperation, with the removal of certain Indian entities from the US Entity List. India's current trade tension with the US will hopefully die down soon with a potential thaw in Ukraine-Russia relations, especially after a somewhat encouraging end of the Trump-Putin summit at Alaska, last week, and chances of the international oil market returning back to its old rhythm in due course. (IPA Service)
