Raphael Oni
In a significant move, China and Nigeria have agreed to implement zero-tariff measures on trade, a move expected to give a major boost to Nigeria’s economy. In his speech to mark 55 years of Nigeria China ties at the celebration of Chinese New Year Temple Fair in Abuja, Joseph Tegbe, the Director General of Nigeria China Strategic Partnership (NCSP) hails the Chinese government on zero-tarriff on trade accorded Nigeria.
According to Tegbe, the zero-tariff measures will provide strong support for Nigeria’s modernization efforts. “China and Nigeria are actively consulting on the implementation of zero-tariff measures, which will enhance our bilateral trade and investment,” Tegbe said.
The move is expected to increase Nigeria’s exports to China, particularly in the areas of agricultural products, minerals, and manufactured goods. Nigeria’s main exports to China include crude oil, natural gas, and other minerals, while China exports machinery, electronics, and textiles to Nigeria.
Experts say the zero-tariff agreement will help Nigeria diversify its economy, reduce its dependence on oil exports, and create new opportunities for businesses. “This is a game-changer for Nigeria’s economy,” said Dr. Adewale Adebayo, an economist at the University of Lagos. “The zero-tariff agreement will increase trade between Nigeria and China, create jobs, and stimulate economic growth.”
China is Nigeria’s largest trading partner, with bilateral trade reaching $21.89 billion in 2024. The zero-tariff agreement is expected to further increase trade volumes and deepen economic cooperation between the two countries.
Tegbe also highlighted other areas of cooperation between Nigeria and China, including infrastructure development, agriculture, and education. He mentioned the National Integrated Poultry Project, a $1 billion initiative aimed at enhancing food security and creating jobs in Nigeria.
The Chinese government has also launched the Chinese-language radio program “Ni Hao! China” on the Federal Radio Corporation of Nigeria, opening a window for communication between the two peoples.
As Nigeria and China look to the future, both nations are optimistic about their partnership. “The zero-tariff agreement is a testament to the strong relationship between Nigeria and China,” said Tegbe. “We look forward to deepening our cooperation and exploring new areas of mutual benefit.”
The zero-tariff agreement is expected to take effect in the coming months, pending approval from both governments. Once implemented, it is expected to have a significant impact on Nigeria’s economy and deepen economic ties between Nigeria and China.
As China and Nigeria gallop forward, their partnership is set to reach new heights, driven by mutual respect, cooperation, and a shared vision for prosperity.
