China’s Xi, Nigeria’s Tinubu pledge deeper economic ties | Business and Economy

Leaders ink deals on nuclear energy, media exchanges and infrastructure ahead of summit on Chinese-African cooperation.

China and Nigeria have pledged to deepen their economic ties ahead of a summit showcasing Chinese-African cooperation, inking deals on nuclear energy, media exchanges and Beijing’s signature $1 trillion infrastructure drive.

Chinese President Xi Jinping and Nigerian President Bola Tinubu on Tuesday held talks in Beijing ahead of the opening of the Forum on China-Africa Cooperation.

Xi and Tinubu said they had elevated ties between their countries to a “comprehensive strategic partnership” on the eve of the three-day summit beginning on Wednesday.

“China and Nigeria, as major developing countries, strengthening strategic coordination, will inject fresh impetus to China-Africa relations in the new era and spearhead common progress among Global South countries,” Xi said.

China’s State Council said that Tinubu expressed his hope that Nigeria would become China’s largest trade and investment partner in Africa.

The Nigerian leader also welcomed Chinese companies to increase investments in the country, expand cooperation in fields such as agriculture, manufacturing and mineral energy, and help poverty reduction efforts, according to the State Council.

In a statement released by his office, Tinubu said the countries’ partnership would result in “robust development, stability, and security”.

“We have recognized the need to reform our economy, and we are doing so diligently across tax and tariff reviews, to various other segments of our nation’s economy,” Tinubu said.

“Trading and investment partners will have easy access to bring in their investments and seamlessly take their resources out.”

China has picked out Africa as a key region for its signature global infrastructure push, the Belt and Road Initiative, with Chinese companies signing contracts on the continent worth more than $700bn the decade up to 2023, according to Beijing’s Ministry of Commerce.

In Nigeria, the Chinese state-run Export–Import Bank of China is financing 85 percent of the cost of the $5.8bn Mambilla hydroelectric plant, which will be the country’s biggest power plant upon its scheduled completion in 2030.