News

November 8, 2022

Nigerian, Chinese bilateral relations to transform, enhance global competitiveness

China ecoonomy

President Xi Jinping of China

By Vera Anyagafu

Indications have emerged that the People’s Republic of China and Nigeria business partnership will further transform, upgrade, and enhance the most populous africa nation’s competitiveness.

This according to stakeholders can be confirmed by the cooperation between Chinese and Nigerian companies.

China’s Consul General in Lagos, Chu Maoming, had told Vanguard at the 20th National Congress of the Communist Party of China (CPC), that President Xi Jinping, had expressed China’s commitment to promoting the building of a human community with a shared future.

He said: “We will work with peoples of all other countries to champion humanity’s shared values of peace, development, fairness, justice, democracy, and freedom to safeguard global peace and promote global development, and keep promoting the building of a human community with a shared future”, he said, noting that a prosperous China will create many more opportunities for the world.

“China will accelerate creating a new development pattern and pursue high-quality development, according to the blueprint produced by the Congress. Obviously, China’s future development direction focuses more on high-quality and sustainable development. This is good news for Nigeria and other countries throughout the world.

“For example, in the past few years, many Chinese companies have been involved in developing Nigeria’s digital economy in various fields, which is exactly what Nigeria needs.

“China’s Huawei and ZTE have been building 5G network infrastructure in Nigeria for many years. OPay, one of China’s fastest growing fin-tech companies in Nigeria, is providing consumers with a wide range of services including mobile payments and transfers.

“In 2019, OPay raised $120 million of series B funding, including several Chinese investors like Meituan-Dianping, DragonBall, GaoRong, Source Code, Redpoint China and so on.

“Currently, OPay has over 18 million registered app users in Nigeria who rely on its services to send and receive money, pay bills and many more. Egatee, a Chinese e-commerce start-up, is determined to consolidate main actors in the retail market in Nigeria, and to provide cross-border logistics, online payment and settlement and other whole process services.

“They are just a few examples of cooperation between Chinese companies and Nigerian companies. Definitely, with the participation of Chinese companies, it will help Nigeria’s economy to transform and upgrade, and enhance its competitiveness.”