12 hours ago
Stakeholders harp on legislative support for Nigeria-China bilateral trade relations
In a bid to enhance bilateral trade and investment between the Nigerian and Chinese governments, stakeholders have stressed the need for a robust support from the Nigerian legislature.
The call was made on Monday, during the Nigeria-China bilateral summit, which held in Lagos.
The event, which was coordinated by the executive vice-chairman/CEO, Merited Negotiation Consulting, Mr Kunle Yusuff, in partnership with the House or Representatives Committee on Nigeria-China parliamentary relations, aimed at fostering sustainable trade and investment.
In his keynote address, President Bola Tinubu, who was represented by the Director-General, Nigeria-China Strategic Partnership and Global Liaison, Mr Joseph Tegbo, highlighted the importance of conducive business environment to unlock foreign investment, especially from China.
Tinubu, who appreciated the House Committee on Nigeria-China relations, and the consultant, Kunle Yusuff, harped on Nigeria's 54-year-old relationship with China.
Emphasising the oversight roles of the legislature in deepening the trade relationship Nigeria shares with China, Tinubu said: 'Nigerian Legislature, through its lawmaking, oversight, and budgetary roles, has a critical part to play in actualising the ten China-Africa partnership actions. While policy execution lies with the executive, the following legislative support areas ensure that these initiatives are not only feasible but sustainable.'
Enlisting them, he noted: 'Appropriate legislation and funding of education; Trade facilitation laws, tariff harmonisation, and customs reforms to reduce bottlenecks and ensure Nigeria benefits maximally from zero-tariff access and bilateral trade frameworks; Amendment to industrial policy laws to accommodate digital cooperation, special economic zones, and joint ventures with Chinese firms; Legislative strengthening of land use policies, provision of budgetary support for demonstration farms, and creating enabling laws for agro-tech transfer, rural livelihoods, and food security collaborations; and Parliament must champion climate and environmental legislation, promote renewable energy policies, and ensure Nigeria benefits from clean energy and green innovation.'
He added that Nigeria is now experiencing a wave of strategic investments and highly competitive financing options from the China and its business community. Some of the projects/initiatives according to him are 'an integrated agricultural investment portfolio exceeding $1 billion; a novel cassava value chain initiative valued at $800 million; an investment in electric vehicles battery manufacturing and mineral extraction worth $1 billion; a robust automotive manufacturing programme estimated at $1.2 billion; a proposed $10 billion in oil and gas sector investment commitments. Also, of note is the LAGRIDE Mobility Project in Lagos, which has already attracted $240 million in capital, of which a commendable 80 percent originates from our Chinese partners.'
The Speaker, House of Representatives, Tajudeen Abbas, at the Nigeria-China summit declaration affirmed the commitment of house in creating a legislative framework that would boost the Nigeria-China economic relations.
Abbas, who was represented by the minority leader, Honourable Kingsley Chinda, said the summit would also serve as a legislative incubator to generate actionable insights for a comprehensive bill to advance sustainable trade and investment relations.
Representing the minister of foreign affairs, Tuggur Yusuf, Ambassador Bolaji Akinyemi, on behalf of the ministry pledged allegiance to the House of Representatives in implementing the resolutions from the summit.
Earlier the Chair, House of Representatives Committee on Nigeria-China relationship, hinted that summit aimed at achieving a free flow of importation between Nigeria and China.
In his address, the Chinese Ambassador to Nigeria, Ambassador Yu, called for the promotion of locally-made products in Nigeria, which he believes would enhance their exportation to China, thereby boosting the trade relationship.
