President Bola Tinubu’s meeting with President Xi Jinping of the Peoples’ Republic of China is seen as strategic, especially in the wake of recent developments in global economic environment, as well as within Nigeria.
President Tinubu began his visit on Thursday, but Ajuri Ngelale, presidential spokesman, however, stated that the President would have a brief layover in the United Arab Emirates before proceeding to Beijing, China.
It was not immediately clear if the President will use the opportunity to address the issue of contract breach between the Ogun State government and the Chinese firm of Zhongshan Fucheng Industrial Investment Ltd, arising from Ogun State’s plans to develop a free-trade zone where a massive industrial park was to be developed to attract investors.
The dispute has placed Nigeria’s assets at risks globally, as the Chinese company, which has already received court judgements to seize three Nigerian aircraft, is said to be tracking more assets.
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In China, President Tinubu will also meet with Xi Jinping and hold meetings with Chinese business leaders on the sidelines of the Forum on China-Africa Cooperation.
Top on the agenda is President Tinubu’s meeting with top 10 chief executive officers (CEOs) of major Chinese leading corporations. This is expected to attract major economic benefits to Nigeria, as both leaders work to strengthen economic and diplomatic relationships
The visit is seen as strategic, as both countries represent strong regional power blocks.
President Tinubu, who is currently doing his second term as the chairman of the Heads of States of the Economic Community of West African States ECOWAS, will also engage in bilateral agreements and sign Memoranda of Understanding (MoUs) to deepen cooperation in various sectors.
Top on the agenda will be issues of national, regional and international security.
Tinubu’s spokesman noted that another area of concern in his visit would be the completion of Abuja to Ibadan segment of the Lagos-Kaduna standard railway
China has been one of Nigeria’s strongest trading partners, with several companies and investors from the East Asian nation holding strong economic interests in mining, agriculture and manufacturing.
Nigeria is one of the biggest trading partners of China in Africa, as trade between both nations increased from about $1.2 billion in 2003 to $13.7 billion in 2019.
Nigeria ranks high amongst top five Chinese investment destinations in Africa, after Kenya, the Democratic Republic of Congo, South Africa, and Ethiopia.
Statistics shows that there are over 30 solely-owned Chinese Companies operating in Nigeria, with interests in oil and gas, education and technology, amongst several others.
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President Tinubu is expected to engage in bilateral agreements and sign MoUs as well as agreements to deepen corporations in various sectors, including the green economy, blue economic development, national planning cooperation, among others.
Both countries are expected to also discuss issues of national, regional and international security.
BusinessDay gathered that the completion of Abuja- Ibadan segment of the Lagos-Kaduna standard railway will also feature in the discussions, as President Tinubu has vowed to deliver the project before the end of his first tenure, in 2027.
Also occupying strategic place in the engagements are issues around information technology, refining, oil and gas, and satellite technology.
Ngelale disclosed that the president will conduct site visits to two major Chinese corporations – Huawei Technologies and China Rail and Construction Corporation, (CRCC).
“This is with a view to achieving one of Mr. President’s top agenda items, which is the completion of the Ibadan to Abuja segment of the Lagos to Kano high speed rail line.
“Thereafter His Excellency, Mr. President, will meet 10 selected chief executive officers of 10 major Chinese corporations with assets under management totalling over $3 trillion across multiple sectors of the economy, including information and communications technology, refining oil and gas, aluminium production, seaport construction, harbour construction and dredging services, financial services, satellite technology development, as well as many other critical sectors.
“Mr. President will also meet with his Chinese counterpart in the person of President Xi Jinping, where several MOUs will be signed. The MOUs will involve agreements in deepening cooperation, in green economy, in agriculture, in satellite technology development, in media enterprise development and promotion, as well as blue economic development and national planning cooperation.
“This is going to be part of a broader engagement where the two heads of state will discuss matters of mutual interest across, not just the economy, but also on issues of national, regional and international security.”
The presidential spokesman furthermore said,, “His Excellency, Mr. President, would thereafter join the FOCAC Summit, where several African heads of state will be present to engage with Chinese leaders on various important matters.
“At this FOCAC Summit, His Excellency, President Bola Ahmed Tinubu, in his capacity as the Chairman of the ECOWAS Authority of Heads of State and Government, will deliver remarks on behalf of the region and certainly would proceed to the high level peace and security plenary, where he will further deliver remarks on peace and security in the region and in Africa in his capacity as the President of the Federal Republic of Nigeria.
“This engagement is expected to yield very tangible, immediate and future dividends for the sake of the Nigerian economy and for the benefit of the Nigerian people and the President is placing a premium on deliverables, ensuring that this is not a talk-shop, but that this is something that will yield results for our people, justifying any expenditure that is made during the course of this trip.”
