Revealed! Nigeria set to benefit from China’s zero-tariff policy

• China's Ambassador to Nigeria, Yu Dunhai, expressed involvement successful negotiating an Economic Partnership Agreement with Nigeria to maximise benefits from China's zero-tariff argumentation
• The announcement follows caller advancement successful cooperative projects betwixt the 2 countries, specified arsenic the lithium processing works successful Nasarawa State and the revitalisation of the Ajaokuta Steel Plant
• Nigeria is besides leveraging zero-tariff entree for exports arsenic portion of its deeper concern with China, which is expected to foster greater improvement and economical cooperation

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Yu Dunhai, the Chinese ambassador to Nigeria, stated that his federation is keen to sermon an Economic Partnership Agreement for Common Development with Nigeria. Dunhai claims that this is being done to guarantee some nations get the astir retired of

Photo Credit: FG, Chinese govt
Source: Getty Images

Nigeria and different African nations volition present commercialized without tariffs, according to a caller announcement by China.

The International Conference (West Africa) Second Post-FOCAC Abuja Forum opened with a code by Yu Dunhai. The forum focused connected implementing the 'Ten Partnership Actions' announced astatine the 2024 Forum connected China-Africa Cooperation Summit successful Beijing.

The envoy said:

"China stands acceptable to negociate an Economic Partnership Agreement for Common Development with Nigeria arsenic soon arsenic possible, successful bid to maximise the benefits from China’s zero-tariff policy, stock improvement opportunities, and execute communal revitalisation goals."

He added,

"In caller days, we person seen large cooperative projects betwixt China and Nigeria execute singular progress: the lithium processing works successful Nasarawa State commenced operations, the Ajaokuta Steel Plant revitalisation task advances steadily, and the Abuja N16 main roadworthy and Greater Water Supply task were completed. These developments underscore our beardown economical complementarity and agleam prospects for win-win cooperation."

Speaking astir the outcomes of the FOCAC Beijing Summit, Dunhai stated that China and Africa person made large strides successful carrying retired the "Ten Partnership Actions," arsenic evidenced by improved multilateral coordination, expanded applicable cooperation, and reinforced strategical communal trust.

"These developments show that China-Africa practice rests upon a coagulated foundation, addresses wide shared needs, and possesses immense potential."

The ambassador pointed retired that determination had already been noticeable advancements successful a fig of cardinal areas.

"In conscionable 9 months aft the FOCAC Beijing Summit, China and Africa person achieved important advancement successful implementing the 'Ten Partnership Actions,' with strengthened strategical communal trust, deepened applicable cooperation, and enhanced multilateral coordination. These developments show that China-Africa practice rests upon a coagulated foundation, addresses wide shared needs, and possesses immense potential," helium noted.

At the FOCAC implementation gathering successful Changsha, Dunhai besides emphasised caller argumentation changes, including China’s lifting of export duties connected 53 African nations and its connection for person practice successful processing sectors.

"China and Africa indispensable anchor ourselves firmly connected history’s close side, champion the times’ progress, and antagonistic the planetary uncertainty with the stableness and resilience of China-Africa relations."

Tegbe emphasised Nigeria's displacement toward a much formalised, development-driven concern with China successful his speech.

"After FOCAC 2024, Nigeria and the People’s Republic of China elevated their concern to a Comprehensive Strategic Partnership. This marks a play erstwhile we are nary longer satisfied with maintaining specified relationships, but strive to physique robust improvement partnerships that are based connected communal spot and respect," Tegbe stated.

He outlined Nigeria’s integration into China’s 'Ten Partnership Actions' nether FOCAC, pointing retired caller benefits specified arsenic zero-tariff entree for Nigerian exports.

"This enactment was implemented astir a week agone by the Government of China, which removed tariffs connected exports from 53 African countries, including Nigeria. Our strategy is to leverage this accidental successful our thrust to go a nett exporter to China similar Brazil," helium said.

Tegbe besides elaborate upcoming infrastructure initiatives. "Nigeria has committed implicit $8bn successful the past 10 years. Additional projects amounting to implicit $8bn person been identified and prioritised successful the FOCAC projects," helium stated.

China to region tariff connected imported goods

Legit.ng reported that China has revealed plans to region tariffs connected each imports from African nations with which it has diplomatic ties, marking a important alteration successful its commercialized policy.

This determination is expected to heighten economical collaboration, positioning China arsenic a starring commercialized and concern spouse for the continent, Channels reported.

The inaugural includes Nigeria and 52 different African nations but excludes Eswatini, the lone African state that acknowledges Taiwan’s sovereignty.

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Source: Legit.ng