THE Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that President Bola Tinubu and his Chinese counterpart, Xi Jinping, reached comprehensive agreements, particularly in the economic sector, during Tinubu’s recent visit to China.
Speaking from China, Edun highlighted that both leaders agreed on various aspects of infrastructure development, including roads, railways, and seaports.
“The state visit between Nigeria and China focused on deepening cooperation in all areas—political, economic, and socio-cultural,” Edun stated.
“Politically, there was a commitment to uniting and advocating with a single voice in multilateral organizations like the UN. Economically and financially, there were significant agreements on infrastructure development, especially roads, rail, and seaports.”
Edun emphasized that while borrowing and lending are often the focus, the discussions placed strong importance on foreign direct investment (FDI) from China to Nigeria.
He cited the Lekki Port as an example, which is a Chinese foreign direct investment. The Chinese also played a role in the port’s construction and financing through equity investment.
“This is the kind of equity financing we need more of, both from domestic and foreign investors,” Edun added.
According to Tinubu’s media aide, Ajuri Ngelale, on Tuesday, the two leaders met and they announced the elevation of Nigeria-China relations to a comprehensive strategic partnership.
They also committed to building a high-level Nigeria-China community with a shared future.
President Tinubu was in China on a state visit at the invitation of President Xi Jinping and to participate in the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).
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