Kemi Olaitan in Ibadan 

President Bola Tinubu has highlighted the importance of creating a conducive business environment to attract foreign investment, particularly from China. 

This is just as stakeholders at the Nigeria-China Sustainable Business, Bilateral Trade and Investment Summit, coordinated by the Executive Vice-Chairman/CEO, Merited Negotiation Consulting, Mr. Kunle Yusuff, in partnership with the House of Representatives Committee on Nigeria-China Relations, emphasised the need for robust support from the Nigerian legislature to enhance bilateral trade and investment between Nigeria and China. 

The President in his keynote address at the summit held in Lagos, said Nigeria is positioned to become a net exporter to China within five years, appreciating the House of Representatives Committee on Nigeria-China relations and the consultant, Kunle Yusuff, for their efforts in strengthening the 54-year-old relationship between Nigeria and China.

Represented by the Director-General/Global Liaison, Nigeria-China Strategic Partnership, Joseph Tegbe, he stressed the critical role of the legislature in deepening the trade relationship between the two countries, noting that the Nigerian Legislature has a vital part to play in actualizing the ten China-Africa partnership actions through its lawmaking, oversight, and budgetary roles. 

Tinubu identified key areas where legislative support is crucial, including appropriate legislation and funding of education; trade facilitation laws, tariff harmonization, and customs reforms and amendment to industrial policy laws to accommodate digital cooperation, special economic zones, and joint ventures with Chinese firms

Others are legislative strengthening of land use policies, provision of budgetary support for demonstration farms, and creating enabling laws for agro-tech transfer, rural livelihoods, and food security collaborations and championing climate and environmental legislation, promote renewable energy policies, and ensure Nigeria benefits from clean energy and green innovation.

Tinubu also highlighted some of the strategic investments and highly competitive financing options from China, including an integrated agricultural investment portfolio exceeding $1 billion; a novel cassava value chain initiative valued at $800 million; investment in electric vehicles battery manufacturing and mineral extraction worth $1 billion; a robust automotive manufacturing program estimated at $1.2 billionand roposed $10 billion in oil and gas sector investment commitments.

The Speaker of the House of Representatives, Hon. Tajudeen Abbas, represented by the Minority Leader, Hon. Kingsley Chinda, affirmed the commitment of the House in creating a legislative framework that would boost the Nigeria-China economic relations. 

He stated that the summit would serve as a legislative incubator to generate actionable insights for a comprehensive bill to advance sustainable trade and investment relations.

The Minister of Foreign Affairs, Yusuf Tuggar represented by a senior ministry official, Bolaji Akinyemi, pledged allegiance to the House of Representatives in implementing the resolutions from the summit.

The Chinese Ambassador to Nigeria, Ambassador Yu Dunhai, called for the promotion of locally-made products in Nigeria, which he believes would enhance their exportation to China, thereby boosting the trade relationship.

The Chairman, House of Representatives Committee on Nigeria-China Relations, Jafar Yakubu, said the summit aimed at achieving a free flow of importation between Nigeria and China.