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Why Nigeria is strengthening ties with China – Jonathan

By on July 12, 2013

President Goodluck Jonathan has said that Nigeria is currently strengthening its investment and economic ties with China because of the exponential increase in the bilateral trade volume between the two countries over the last few years.

Another reason for the strengthening of the ties, according to him, is China’s involvement in the financing and construction of key infrastructural projects in Nigeria.

Jonathan spoke during the closing ceremony of the Nigeria-China Business Forum organised by the Ministry of Industry, Trade and Investment, in Beijing on Wednesday.

The event, which had over 300 Chinese investors in attendance culminated in the signing of no fewer than seven Memoranda of Understanding between Chinese investors, Bauchi State Government and private investors, respectively.

The President said, “I want to specially commend the Ministry of Industry, Trade and Investment for the spectacular work done in putting together such a wonderful and world class event. I also want to thank investors for their interest in Nigeria, which is now the number one investment destination in Africa.

“The various MoUs signed between Chinese and Nigerian companies will lead to stronger economic ties between the two countries. Nigeria and China are the two largest economies in their respective regions. Since Nigeria and China started diplomatic relations, the bilateral relations between the two countries have continued to wax stronger as the years progressed.”

He added, “Nigeria and China have had strong economic ties in trade and investment over the past years. At present, China and Nigeria have annual bilateral trade exceeding $13bn. In 2002, the value of trade between Nigeria and China was just $2bn.

“The trade between Nigeria and China accounts for nearly one third of the trade between China and West Africa, and this will continue to grow bigger, indicating the importance of Nigeria to China in the regional market. In recognition of the strategic trade link between the two countries, the Central Bank of Nigeria recently converted some portions of Nigeria’s foreign reserves from United States dollar to the Chinese yuan.”

 

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