Nigeria, China Seek To Remove Trade Barriers

The Federal Government has called for the removal of barriers obstructing investment and economic growth as Nigeria and China work towards strengthening their bilateral trade relations. This was revealed during the unveiling of the Nigeria-China Bilateral Business, Trade, and Investment Summit 2025 in Abuja.

Minister of Foreign Affairs, Yusuf Tuggar, represented by Ambassador Bolaji Akinremi, Director of Economy, Trade, and Investment at the Ministry of Foreign Affairs, emphasized the need for Nigeria to modernize its business environment. He highlighted that Nigeria must shift from outdated models to technology-driven, forward-thinking business ecosystems to foster innovation and attract investment.

“We must move from outdated models to forward-thinking, technology-driven business ecosystems,” Akinremi stressed, underscoring the importance of creating an investment-friendly climate.

Hon. Jafaru Yakubu, Chairman of the House of Representatives Committee on Nigeria-China Parliamentary Relations, highlighted the significance of strengthening economic ties between the two nations, noting, “A new chapter in Nigeria-China relations has begun. We must work together to unlock Nigeria’s full potential, with a clear focus on the ease of doing business.”

China’s Economic and Trade Commercial Counsellor, Wang Ying-Ki, reaffirmed Nigeria’s importance as China’s largest trade and investment partner in Africa. He also pointed to the impact of President Bola Tinubu’s recent state visit to China, which laid a strong foundation for further economic cooperation between the two nations.

“The agreement they reached mobilized the business community and set a guideline for enhancing our cooperation,” Wang said, also emphasizing China’s ongoing commitment to infrastructure development in Nigeria, citing projects like the Ogun and Nike Free Trade Zones.

Hon. Yakubu further underscored the role of the Nigeria-China Relations Committee in tackling trade challenges and improving the business climate. He added that the committee had engaged consulting firms to organize summits in Lagos and China, with recommendations submitted to the National Assembly.

“This event aims to present credible investment opportunities, showcase market-ready projects for investors, foster collaboration, strengthen the business environment through partnerships, and promote connections between investors and financial institutions,” Yakubu explained.

The summit will focus on sectors including agriculture, mining, renewable energy, oil and gas, solid minerals, construction, and manufacturing. Kunle Yusuff, the Executive Vice-Chairman and CEO of Merited Negotiation Consulting and a consultant to the Nigeria-China Relations Committee, said the summit will address challenges faced by Chinese companies operating in Nigeria.

“The summit will also promote international strategic collaboration, enabling both Nigerian and Chinese businesses to access global partnerships and foreign direct investment opportunities,” Yusuff added.

He revealed that 217 Chinese companies had expressed interest in investing in Nigeria, underscoring the summit’s role in fostering partnerships and driving mutual business growth.

The committee, in collaboration with the Ministry of Foreign Affairs and the Nigeria Investment Promotion Commission, is developing strategies to enhance the investment climate and facilitate direct investment between Nigeria and China.