Joseph Olasunkanmi Tegbe, Director General of the Nigeria-China Strategic Partnership (NCSP), has revealed that recent engagements between Nigeria and China have attracted more than $20 billion in investment commitments across key sectors of the Nigerian economy.
This was disclosed in a statement issued by the NCSP on Friday after a media interactive session held in Abuja.
Tegbe emphasized the importance of deepening bilateral ties between both countries as part of efforts to accelerate Nigeria’s industrialization and economic development, according to Nairametrics.
According to the NCSP statement, Tegbe highlighted that the organization remains committed to coordinating investments, engaging stakeholders, and ensuring due diligence so that Nigeria-China partnerships deliver long-term, measurable value.
He noted that following the upgrade of Nigeria-China relations to a Comprehensive Strategic Partnership and the creation of the NCSP, Nigeria has made major strides in various sectors.
“Recent engagements have secured over $20 billion in investment commitments, focusing on critical sectors such as agriculture, automotive manufacturing, mining, steel production, and energy,” he said.
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Tegbe added that these investments are expected to improve food security, generate employment, and spark a new phase of industrial growth across the country.
He also pointed out that part of the NCSP’s role is to guide the execution of projects under the Forum on China-Africa Cooperation (FOCAC), while also exploring additional collaborations beyond the framework of FOCAC.
“Our focus is to ensure that Nigeria not only implements FOCAC projects efficiently but also leverages Chinese expertise, technology, and financing to reactivate Nigeria’s manufacturing and industrial sectors,” he stated.
Tegbe affirmed that the NCSP will continue to align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to accelerate national development and establish Nigeria as the industrial hub of Africa.
In January 2025, Nairametrics reported that the trade volume between Nigeria and China in 2024 surpassed $20 billion.
This was confirmed by Chinese Ambassador to Nigeria, Yu Dunhai, during the Chinese Lunar New Year celebration in Abuja.
He highlighted Nigeria’s influential role as a major African nation and a key member of BRICS, while expressing confidence in the continued growth of trade ties and the successful execution of FOCAC agreements for the benefit of citizens in both countries.
In a separate development in November 2024, Nigeria’s Vice President, Kashim Shettima, stated that trade between Nigeria and China reached $22.6 billion in 2023, making it one of the continent’s largest trade relationships.
Despite this, trade between the two countries dropped by 11.5% in 2024 compared to the previous year.
China remains one of Nigeria’s top trading partners, with exports to China largely consisting of primary products, while Chinese manufactured goods continue to dominate Nigeria’s imports.
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Image Credit: Nairametrics
