Nigeria targets export of finished products to China, others

• Published On: 06 September 2024 at 18:47

Yusuf Tuggar, Minister of Foreign Affairs, has stated that the country plans to export "finished products" to China and other parts of the world.

This was revealed in a video posted on President Bola Tinubu's official X page on Friday, coinciding with his state visit to China and participation in the 2024 Summit of the Forum on China-Africa Cooperation, which will take place from September 4-6, 2024.

This announcement comes after Nigeria and China signed several Memoranda of Understanding in Beijing on the Belt and Road Initiative, nuclear energy cooperation, human resource development, and media exchange.

While in China, President Tinubu emphasised Nigeria's economic potential as Africa's most populous country and continent's largest economy.

He emphasised that Nigeria's young population could drive growth in a variety of sectors and expand trade opportunities.

"Nigeria holds great potential as the country with the largest population in Africa and is the biggest economy, with a very young population that can drive economic growth and cross-sectoral programs," Tinubu, the president, noted.

Tuggar The recent video raised concerns about potential exploitation in Nigeria's relationship with China.

He reassured that both countries have clearly defined export goals, demonstrating a shared commitment to advancing their economic partnership.

"We are not children, so there is no need to look at us through an infantile lens. We know exactly what we want, and we seek partnerships with countries such as China that recognise that we do not want to continue exporting primary resources.

"We want to increase value, create jobs, and manufacture. "Our goal is to export finished products to countries such as China," he explained.

According to him, China, as the world's largest market, is well positioned to recognise Nigeria's readiness for collaborative export initiatives.

Tuggar is confident that China understands and supports Nigeria's goal of participating in the shared export of finished goods.

The Minister emphasised that Nigeria remains committed to pursuing partnerships with countries that share its goals for mutual development.

"Our approach is one of strategic autonomy.

"Nigeria seeks partners such as China who understand our goal of expanding beyond raw material exports. "With our strategic autonomy, we are ready to work with all nations to drive development and growth," he said.

China has consistently maintained strong commercial ties with Nigeria.

In the first quarter of 2024, China became Nigeria's largest trading partner in terms of imports, followed by India, the United States, Belgium, and the Netherlands.