As announced by the Presidency, President Bola Tinubu has departed Abuja for Beijing, China, on Thursday, on an official visit where he is scheduled to engage in discussions with President Xi Jinping and participate in meetings with business leaders in China.
Persecondnews reports that President Tinubu will make a brief stopover in the United Arab Emirates.
During the Forum on China-Africa Cooperation, the President will discuss with President Xi Jinping in China and meet with Chinese business leaders who manage assets totaling over $3 trillion across various sectors such as ICT, oil and gas, aluminium production, seaport construction, financial services, and satellite technology development.
Persecondnews recalls that on Tuesday, the Media Adviser to the President, Chief Ajuri Ngelale, announced that the president’s itinerary while in China will include site visits to prominent Chinese corporations, including Huawei Technologies and the China Rail and Construction Corporation (CRCC), to fast-track the completion of the Ibadan to Abuja segment of the Lagos to Kano high-speed rail line.
The visit is expected to yield immediate and long-term benefits for the Nigerian economy and people, underscoring the president’s commitment to economic growth and development.
His words: “President Bola Tinubu will depart for the People’s Republic of China, most specifically, Beijing, from the nation’s capital within the first week of September, to engage in a series of meetings and activities with immediate and future benefit to the Nigerian economy and the Nigerian people.
“First and foremost, His Excellency, Mr. President, will conduct site visits to two major Chinese corporations—Huawei Technologies as well as the China Rail and Construction Corporation (CRCC). This is with a view to achieving one of Mr. President’s top agenda items, which is the completion of the Ibadan to Abuja segment of the Lagos to Kano high-speed rail line.
“Thereafter His Excellency, Mr. President, will meet 10 selected chief executive officers of 10 major Chinese corporations with assets under management totalling over $3 trillion across multiple sectors of the economy, including information and communications technology, refining oil and gas, aluminium production, seaport construction, harbour construction and dredging services, financial services, satellite technology development, as well as many other critical sectors.”
The bilateral trade between Nigeria and China stood at $22.6 billion in 2023. In November 2023, the top exports of China to Nigeria were synthetic filament yarn woven fabric ($160m), pesticides ($84.1m), non-knit women’s suits ($81.5m), mobile telephone devices ($67.2m), and artificial hair ($59m).
In November 2023, the top imports of China from Nigeria were petroleum gas ($95.8m), crude petroleum ($71.5m), niobium, tantalum, vanadium, and zirconium ore ($13.5m), zinc ore ($13.1m), and raw aluminium ($12.6m).
China maintained its position as the top global trading partner, and Nigeria stands as the third-largest trading partner for China in Africa.
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