Public Management

Nigeria and China Strengthen Ties with New Cooperation Agreements at FOCAC

Nigeria and China Strengthen Ties with New Cooperation Agreements at FOCAC
Thursday, 05 September 2024 13:42

In 2023, China was Nigeria’s top supplier, holding 18.4% of the market with $10.2 billion in exports, according to the French Treasury.

During their meeting in Beijing on September 3, Nigerian President Bola Ahmed Tinubu and Chinese President Xi Jinping oversaw the signing of several cooperation agreements on the sidelines of the Forum on China-Africa Cooperation (FOCAC).

These agreements focus on areas like media, the Belt and Road Initiative, peaceful uses of nuclear energy, and human resource development. President Tinubu highlighted Nigeria’s economic potential, driven by its largely young population. Nigeria's Foreign Minister, Yusuf Tuggar, noted that China plans to invest in infrastructure and finished goods, which will help create jobs. Huawei also proposed building two data centers in Nigeria, creating more opportunities for the youth.

In the first quarter of 2024, China's market share grew to 23.18%, up from 14.61% in the previous quarter, as reported by Nigeria’s National Bureau of Statistics.

Minister Tuggar also mentioned that the agreement marks progress toward broader collaboration between the two nations. He hinted that Nigeria could become China's top trading partner in Africa, surpassing South Africa, with trade volumes exceeding $23 billion.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Zambia's stock index gained 14.3% in August and 56% YTD, driven by strong copper prices. Copperbelt Energy has maintained a market capitalization of...
Guaranty Trust Holding Company Plc (GTCO) has injected N365.9 billion ($238.5 million) into its subsidiary, Guaranty Trust Bank Limited (GTBank), to...
IFC may grant up to $20 million to CBI Ghana for a low-carbon cement plant in Tema. The $66.7 million project includes global investors...
Banque Agricole du Sénégal is raising CFA80 billion ($142 million) through a securitized bond. The offer includes a 7-year tranche A at 8% and...
Most Read
01

It’s a common scene in any Lomé (Togo) market, but it’s telling. A customer hands a 10,000 CFA franc...

The Change Shortage: A Crisis Hidden by the CFA Franc’s Stability
02

Egypt’s handset market is projected to leap from $2.5 billion in 2025 to $4.8 billion by...

Egypt’s $2.5B-to-$4.8B Smartphone Surge Set to Reshape Africa’s Tech Map by 2031
03

Burkina Faso ends Target Malaria, a GMO mosquito project funded by the Gates Foundation. The ...

Burkina Faso Halts a Malaria Program Backed by Bill and Melinda Gates Foundation
04

Egypt and UNECA launched a five-day workshop in Cairo to strengthen maritime tax audits and IFRS-b...

Egypt Bolsters Maritime Tax Collection With UN Economic Commission Training
05

Sadot and Vodacom’s MOTI launch Africa’s first telco-powered farm-to-fork app to cut crop losses a...

Sadot, Vodacom-Backed MOTI Launch Africa’s First Telco-Powered Farm-to-Fork App  
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.