Nigeria: China Targets New Bilateral Relations, Trade With Nigeria

22 September 2021

The Chinese Ambassador to Nigeria, Mr. Cui Jianchun, has said the bilateral relations and trade between China and Nigeria would soon reach a new higher level.

Jianchun made the revelation in Abuja yesterday during a media chat to mark the Moon Festival or Mid-Autumn Festival in China, one of the most important traditional holidays in the country.

He said: "Earlier this year, Nigeria and China co-celebrated the 50th anniversary of their diplomatic ties. As the 14th Chinese ambassador to Nigeria, I have been here for nearly half a year, and I was deeply impressed that Nigeria is a treasure house, not only of natural resources but also of human resources. How to develop the bilateral relations based on achieved gains has always been a key question in my mind."

He disclosed that "in order to usher in an even brighter future for China-Nigeria relations, I have put forward the 5GIST Nigeria-China GDP Strategy. Changing times require changing strategy. Solos and duets cannot meet the demand of our bilateral relations. The two countries need to form an orchestra to play a symphony within the Belt and Road Initiative (BRI).

"The 5GIST Nigeria-China GDP Strategy is consisted of four parts, which are 5G, 5l, 5S and 5T. 5G refers 5 Goals of the Strategy, which are political consonance, economic cooperation, military and security collaboration, international coordination and people's communication.

"5I refers to five words initialed with "I", i.e. infrastructure, ICT, value-added industry, investment (such as in agriculture, aquaculture, mining, oil and gas, financial integration, etc), and import and export, those are the priority areas of bilateral cooperation.

"5S refers to five words initialed with "S", i.e security, structure, speed, synergy and supervision, which are conditions for bilateral cooperation. 5T refers to five words initialed with "T", i.e. thoughts exchange, talents cultivation, treasure capitalisation, technology application and tradition transcendence, which are guarantees to our cooperation."

Jianchun, who also used the occasion of the celebration to give awards to 50 Nigerians working with Chinese firms in the country, said "in nine days' time, we will celebrate the 72nd birthday of the People's Republic of China. Over the past 72 years, China's productivity and overall national strength have made historic strides.

"China's GDP rose from about $10.5 billion in 1952 to $15.7 trillion in 2020, an increase of about 189 times in real terms. From 1979 to 2020, China's GDP grew at an average annual rate of 9.2 per cent, much higher than the world economy's growth rate of around 2.7 per cent during the same period, and the speed and duration of economic growth are rarely seen in the world. According to the World Economic Outlook database of the International Monetary Fund, China will account for 17.4 percent of the global economy in 2020.

"Since 2006, China has contributed the most to world economic growth for 15 years in a row."

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