Latest news with #Nigeria-China
Business Insider
19-05-2025
- Automotive
- Business Insider
World's largest electric vehicle-producing country set to establish an EV plant in Nigeria
China recently disclosed intentions to establish an electric vehicle (EV) plant in Africa's most populous nation and one of its largest economies, 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.
South China Morning Post
24-03-2025
- Business
- South China Morning Post
Nigeria courts Chinese investment as interest booms in oil, gas and bigger opportunities
Nigeria is actively courting Chinese investment with the establishment of a dedicated office to streamline partnerships just months after President Bola Tinubu's return from Beijing. Advertisement In September, the Nigerian president attended the Forum on China-Africa Cooperation (FOCAC) in Beijing and carried out a state visit to China, and since then more than 200 Chinese companies have expressed interest in investing in Nigeria. It followed the signing of the Nigeria-China relationship agreement last year, with 74 of those companies specifically focused on the oil and gas industry. According to a statement by Jaafaru Yakubu, chairman of Nigeria's House of Representatives Committee on Nigeria-China Relationship, on March 5, the shift was 'signalling a major boost for the sector'. 01:42 Nigeria opens new China-funded seaport in bid to drive economic growth Nigeria opens new China-funded seaport in bid to drive economic growth While China obtains oil from sources closer to home, such as from Russia, observers note that its growing engagement with Nigeria is driven by broader opportunities, including infrastructure projects and access to the West African nation's large market. Historically, little of Nigeria's oil and gas has been refined domestically, 'so this is probably an area where value can be added to Nigeria's exports, and relatively easily', according to Lauren Johnston, a specialist in China-Africa relations and associate professor at the University of Sydney's China Studies Centre. Until recently, Nigeria has relied heavily on imported refined petroleum products despite the country being Africa's largest oil producer. But the recently built mega Dangote oil refinery – owned by Africa's richest man, Aliko Dangote – can process 650,000 barrels of oil a day. Advertisement For now, China is less dependent on Nigeria's oil overall since it buys from closer markets such as Russia and the Middle East, according to Johnston.
Zawya
27-01-2025
- Business
- Zawya
Nigeria-China trade volume exceeds $20bln in 2024 — Envoy
The Chinese Ambassador to Nigeria, Yu Dunhai, has disclosed that the trade volume between Nigeria and China in 2024 exceeded $20 billion as he assured that China is eager to work with Nigeria to increase trade volume further, as they see significant potential in the country. 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. (
