Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, announced that the country is prioritizing the export of “finished products” to China and other global markets.
This declaration was made in a video posted on his official X page on September 6, 2024, coinciding with President Bola Tinubu’s state visit to China and his participation in the 2024 Summit of the Forum on China-Africa Cooperation, which took place from September 4 to 6.
The announcement follows the recent signing of several Memoranda of Understanding between Nigeria and China in Beijing. These agreements encompass a range of collaborative initiatives, including the Belt and Road Initiative, nuclear energy cooperation, human resource development, and media exchange.
During his visit, President Tinubu stresses Nigeria’s potential as Africa’s most populous nation and its largest economy. He highlighted the country’s youthful demographic as a catalyst for growth across various sectors, presenting ample 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 stated.
In his address, Tuggar addressed concerns regarding the nature of Nigeria’s relationship with China, asserting that both nations have established clear objectives concerning exports.
“We’re not children, so there’s no need to look at us from an infantile perspective. We know exactly what we want, and we seek partnerships with countries like China, who understand that we don’t want to remain exporters of primary resources,” he said.
Tuggar articulated Nigeria’s primary foreign trade objective as one focused on exporting finished products rather than raw materials. “We want to add value, create jobs, and manufacture. Our aim is to export finished products to countries like China,” he asserted, noting that China represents the largest market in the world.
The minister further expressed confidence that China recognizes Nigeria’s commitment to engaging in reciprocal trade of finished goods. “Our approach is one of strategic autonomy,” he remarked, reinforcing Nigeria’s intent to forge partnerships that promote mutual development.
“Nigeria seeks partners like China, who understand our goal to move beyond exporting raw materials. With our strategic autonomy, we are ready to collaborate with all nations to drive development and growth,” Tuggar concluded.
