The visit served to reinforce the business relationship between Asia and Africa, with Nigeria particularly being a country of interest. As one of Africa’s top three economies, it is good business for Asia to want to invest in Nigeria.
The country’s youth population is projected to be the largest in the world according to the World Economic Forum, with over fifty percent of its total population within that range. Nigeria is home to a sizeable Asian expatriate population last measured at 35,000 consisting of mostly Chinese and Indian nationals.
Already, members of the Nigerian government have been making investment visits across the continent and vice versa. In 2017, Edo State Governor, Godwin Obaseki embarked on an investment tour in Singapore, Indonesia and China. His plan was to drive foreign direct investment “to engender a private sector led economy in manufacturing, technical education, digital services and energy solutions.”
He secured a fifty million dollar deal that would create fifty thousand jobs. Erisco Firms, a tomato paste production company has strong partnership interests with a group of Asian investors to build the biggest tomato paste plant in Nigeria,so the market is definitely open for Asian investment.
The Chino-Nigerian Investment Cooperation, the World Trade and Summit Expo of which Nigeria has pledged membership, and the Forum on China-Africa cooperation have expanded opportunities for business between both countries. Since late 2016, Nigeria Former Finance Minister, Ngozi Okonjo Iweala was appointed a member of the international advisory panel of the Asian Infrastructure Development Bank, worth twenty billion dollars. This year, there are larger numbers expected at the Nigeria-Asia Week and Trade Expo, starting as a way to network between businesspeople across the board.
Technology is also proving a useful point. With the advantages of tech innovation, Nigeria can launch itself into the global community, and bypass many of the landmarks of development. With adequate support from global allies. At the 2017 Gulf Information Technology Exhibition, the most prestigious technology event in Africa, Asia and the Middle East, Nigeria expressed its motives as mobilizing as much international investment in the Information and Communication Technology sector as it can get. Nigeria hosted a startup innovation hub, presented a country pavilion and introduced the Africa Investment Forum.
According to Nigeria’s current Minister for Foreign Affairs, Geoffery Onyeama, China has invested between sixty to eighty billion dollars in the current administration. China’s consul general to Nigeria, Ciao Xiaoliang has stated that trade values between both countries has hit $2.7billion.
Both countries have a history of goodwill towards the other. In the early 60s after Nigeria’s independence, China and Nigeria established diplomatic relations in which Nigeria provided China with its large demand for oil, and China lent the country infrastructural support. In 2006,a memorandum of understanding between both countries was signed establishing official and strategic business partnerships. Till date, both countries continue to contribute, Nigeria sharing its natural resources and
China helping to build the country into the future with projects like the construction of railroads between Abuja and Kaduna, and the development of more along other state lines.
Emirates Airlines in October 2017, commenced a Nigeria-Asia route starting with flights from Nigeria to China.Given the history and present of Asia and Nigeria, it is obvious the future between them holds immense promise.
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