World's largest electric vehicle-producing country set to establish an EV plant in Nigeria
China plans to establish an electric vehicle (EV) manufacturing plant in Nigeria.
The announcement aligns with a broader strategy to boost Nigeria's industrialization and strengthen its partnership with China.
During discussions, the importance of collaboration on using Nigeria's lithium reserves for EV battery production was highlighted.
The initiative is a huge step forward for Nigeria's industrialization aspirations and reinforces Beijing's expanding presence in Nigeria, in a year when the East Asian country has been very active within Africa's largest oil-producing country.
This new development was made known during a courtesy visit by China's Ambassador to Nigeria, Yu Dunhai, to Dr. Dele Alake, Minister of Solid Minerals Development.
During the visit, Ambassador Dunhai underlined the need for further collaboration between the two countries in unleashing Nigeria's solid minerals potential, a crucial component in EV battery production, and propelling Nigeria's industrial growth.
Dunhai also stated that China has always recognized Nigeria as an important partner in its foreign strategy.
The Chinese ambassador mentioned the recent meeting between Presidents Bola Ahmed Tinubu and Xi Jinping, during which both leaders decided to upgrade Nigeria-China bilateral relations to a comprehensive strategic partnership, paving the way for considerable economic and technical collaboration.
Dr. Alake, in response noted that the Federal Government has granted authority for China to develop electric car manufacturing factories in Nigeria, as he emphsized the idea that Nigeria is open for business.
He asked that the ambassador persuade Chinese businesses to make full-cycle investments in Nigeria, from extraction to processing, as reported by the Punch.
'For years, our minerals have been exported raw to fuel foreign industrialisation. That must change, Dr. Alake stated.
'We now prioritise local processing to drive Nigeria's development. For instance, with the abundance of lithium, we want to see local manufacturing of electric vehicles and batteries,' he added.
'Plans are underway to establish electric vehicle factories and other manufacturing ventures in Nigeria.
Chinese companies are already deeply involved in Nigeria's mining sector, from exploration to processing,' Dr. Alake continued.
'We aim to deepen this collaboration, especially in line with President Tinubu's eight priority areas, notably economic diversification through solid minerals,' he added.
Deals between China and Nigeria in 2025 so far
The EV announcement follows a flood of Chinese investments and strategic engagement with Nigeria so far in 2025.
In April, the National Sugar Development Council (NSDC) inked a $1 billion agreement with Chinese company SINOMACH to build a large-scale sugarcane production and processing facility.
Mr. Kamar Bakrin, NSDC Executive Secretary, told the News Agency of Nigeria (NAN) that the investment will alter Nigeria's sugar sector and strengthen China's strategic footprint in the nation.
216 Chinese businesses traveled to Nigeria in March to look for potential investment opportunities. Interestingly, 74 of them specifically indicated interest in Nigeria's oil industry, indicating China's intention to diversify its holdings in the nation's important sectors.
A new shipping route that provides an exceptional 27-day transit time between Shanghai and Lagos began in February when the MV Great Cotonou, a Con-Ro vessel from China, arrived at the PTML facility in Lagos, West Africa's largest multipurpose RO/RO facility.
It is anticipated that this innovation would transform the logistics of regional trade.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 minutes ago
- Yahoo
Apple, Klarna, JD.com: Trending Tickers
Apple (AAPL) announced its blood oxygen monitoring feature will return to some Apple Watch Series 9, Series 10, and Apple Watch Ultra 2 users. The feature was removed from some watches following a legal dispute with Masimo, which alleged patent infringement. Klarna ( reported a $53 million second quarter net loss, in part due to a $24 million restructuring charge and setting aside more reserves for potential loan defaults. It grew its user base to 111 million. (JD) topped revenue estimates, but profits took a hit as the company ramped up spending to expand into meal delivery and fast commerce. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts. Now time for some of today's trending tickers. We are watching Apple, Klarna, and First up, Apple, getting a win in its years long legal battle over its blood oxygen tracker. The feature was removed at the end of 2023 due to a patent infringement lawsuit by Masimo and a US customs injunction. But a new ruling will allow the existing watches with the feature to display that blood, those blood oxygen levels on the iPhone, but not on the Apple watch itself. Apple's announcement states that US customs has ruled that the company will be able to import watches with this redesigned feature. Next up, Klarna, the Buy Now Pay Later company, reporting that it set aside more money for potentially souring loans in the second quarter. That led it to disclose a $53 million net loss for the quarter, which compares to an $18 million loss in the same period a year earlier. It put aside those higher losses to cover higher reserves to cover potential credit losses. The company also reporting it reached 111 million active consumers in the second quarter. Remember, Klarna is still a privately held company, um and it has pushed back its initial public offering several times. Reportedly, may be considering it once again for the fall. And finally, uh China e-commerce giant out with earnings results, posting revenue that topped estimates, but a costly push into new arenas, such as meal delivery, eating into the company's profits. JD ignited a three-way battle in e-commerce this year after hiring delivery personnel and launching promotions to break into the meal delivery and fast commerce markets. But pricing battles with competitors have begun to compress its profitability. As always, you can scan the QR code below to track the best and worst performing stocks with Yahoo Finances's trending tickers page. Related Videos Perplexity & Chrome, Intel CEO & Trump, Circle revenue beat PPI comes in hot: When will wholesale inflation hit consumers? S&P 500 rally pushes higher: What's driving investor confidence CoreWeave earnings don't answer the big question bears are asking Sign in to access your portfolio
Yahoo
13 minutes ago
- Yahoo
Mizuho Raises Nvidia and AMD Price Targets To $205 On AI-Server Boom
Aug 14 - Mizuho's top tech analyst Vijay Rakesh just turned up the heat on the GPU battle, raising price targets on Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) to $205 each while keeping Outperform calls. He pins the move on surging AI-server demand and heavy hyperscaler spending that should keep both companies busy for quarters to come. Rakesh sees Taiwan-based server makers, think Wistron and Wiwynn, driving strong buy-ins of Nvidia gear, and he expects new GPU license approvals in China to add roughly 300,000500,000 units annually across NVDA and AMD, boosting second-half momentum into 2026. Warning! GuruFocus has detected 5 Warning Signs with NVDA. For Nvidia, Mizuho leaves the July-quarter revenue view intact at $46.2B but lifts multi-year targets, forecasting fiscal 2026 revenue near $208B and EPS of $4.51, then $260B/$5.95 in 2027 and $292B/$6.71 in 2028. For AMD, Rakesh raises near-term estimates and predicts Radeon/Instinct GPU revenue to climb from $8.57B in FY25 to $13.6B in FY27, driven by MI308 and MI355 ramps in China. Bottom line: Mizuho bets AI demand keeps the tailwinds fierce, but execution, supply cadence, and China licensing remain key risk factors to watch as both chipmakers scale into the AI era. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data
News24
16 minutes ago
- News24
India and China move to resume border trade after 5-year halt amid US tariff pressures
India and China are discussing resuming border trade five years after it was halted, foreign ministry officials on both sides have said, as US tariffs disrupt the global trade order. Past trade between the neighbours across the icy and high-altitude Himalayan border passes was usually small in volume, but any resumption is significant for its symbolism. The two major economic powers have long competed for strategic influence across South Asia. However, the two countries, caught in global trade and geopolitical turbulence triggered by US President Donald Trump's tariff regime, have moved to mend ties. Chinese Foreign Minister Wang Yi is expected to hold talks in New Delhi on Monday, according to Indian media, after his counterpart Subrahmanyam Jaishankar visited Beijing in July. That, as well as agreements to resume direct flights and issue tourist visas, has been seen as an effort to rebuild a relationship damaged after a deadly 2020 border clash between troops. China's foreign ministry said in a statement sent to AFP on Thursday: For a long time, China-India border trade cooperation has played an important role in improving the lives of people living along the border. It said the two sides have 'reached a consensus on cross-border exchanges and cooperation, including resumption of border trade'. New Delhi's junior foreign minister, Kirti Vardhan Singh, told parliament last week that 'India has engaged with the Chinese side to facilitate the resumption of border trade'. No restart date was given by either side. 'Transitions and challenges' Successive US administrations have seen India as a longstanding ally with like-minded interests when it comes to China. India is part of the Quad security alliance with the United States, as well as Australia and Japan. However, ties between New Delhi and Washington have been strained by Trump's ultimatum for India to end its purchases of Russian oil, a key source of revenue for Moscow as it wages its military offensive in Ukraine. The United States will double new import tariffs on India from 25% to 50% by 27 August if New Delhi does not switch crude suppliers. Indian foreign ministry spokesman Randhir Jaiswal told reporters on Thursday that the partnership between New Delhi and Washington had 'weathered several transitions and challenges'.for Newsweek Jaiswal said India hoped that the 'relationship will continue to move forward based on mutual respect and shared interests'. He said India 'stands ready' to support the efforts to end the Ukraine war and endorses the summit to be held between Trump and Russian President Vladimir Putin in Alaska on Friday. Prime Minister Narendra Modi, according to Indian media, might also visit China in late August. It will be Modi's first visit since 2018, although it has not been officially confirmed. Beijing has said that 'China welcomes Prime Minister Modi' for the Shanghai Cooperation Organisation summit opening on 31 August.
