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China-Nigeria Relations Poised for Growth Amidst Global Reforms

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…as stakeholders say partnership key to economic and cultural growth
By Gloria Ikibah
As a fallout of the just concluded Forum on China Africa Cooperation (FOCAC) held in Beijing, China, which had President Bola Tinubu of Nigeria in attendance, the Chinese Embassy in Nigeria has held a seminar focused on “Taking New Opportunities for China-Nigeria Cooperation in Deepening Reform in a New Era”.
During this recent visit, in addition to economic cooperation, President Xi Jinping of China and Nigeria’s President Bola Tinubu, agreed to elevate bilateral relations to a comprehensive strategic partnership and this agreement is expected to deepen political trust and strengthen cooperation in trade, investment, and international diplomacy.
In his welcome address the Chinese Ambassador to Nigeria, Ambassador Yu Dunhai emphasized the strengthening relationship between China and Nigeria.
The event gave insights into China’s ongoing reforms and their relevance to Nigeria, calling attention to the deep potential for collaboration between the two countries.
The Chinese Ambassador referenced the Third Plenary Session of the 20th Central Committee of the Communist Party of China, which concluded in July 2023. This meeting according to him, emphasized comprehensive reforms aimed at advancing Chinese modernization.
Ambassador Yu, also explained that these reforms, which included over 300 key measures, play a crucial role in China’s continued development, even as he drew parallels between China’s past and Nigeria’s current situation, and stressed how similar reforms could benefit Nigeria’s growth.
He highlighted the historic significance of the Third Plenary Sessions in China’s transformation and said the 1978 session, which introduced reforms and opened China’s economy to the world, was pivotal in moving the country toward modernization.
Adding that over the last 45 years, these reforms have driven China’s rapid growth, raising its per capita GDP from $200 in 1978 to $12,000 by 2000.
The ambassador noted that Nigeria, with a current per capita GDP of approximately $17,000, is well-positioned for significant economic advancements, provided it adopts similar reform and development strategies.
Yu underscored the importance of continuous reforms, explaining that outdated policies can become obstacles to progress.
China’s success, according to him, lies in its ability to adapt and reform when necessary.
“This constant evolution has qualified China to become the world’s second-largest economy, surpassing Japan in 2010, and Ambassador Yu believes that Nigeria, with its large youthful population and abundant talent, can achieve similar milestones through dedicated reforms and sustained efforts toward modernization.
Another thing which was part of the conversation of Ambassador Yu, was the importance of opening Nigeria to the world, by drawing from China’s historical lessons, he cautioned against isolation, stressing that countries must learn from others while retaining their unique cultures and identities.
He cited China’s experience with electric vehicles (EVs) as an example of how opening up and fostering competition can drive innovation, especially as of today, China produces over half of the world’s EVs, a remarkable achievement he attributed to the country’s open market and global competition.
The Chinese ambassador therefore expressed optimism about the future of China-Nigeria relations, stating that both countries stand to benefit from deeper collaboration, even as he emphasized that his mission was to promote stronger ties between the two nations, working closely with various stakeholders in Nigeria to achieve mutual growth.
In his remarks, President of the China Alumni Association of Nigeria, Mohammed Sulaiman, emphasized the importance of cultural identity and partnerships in fostering national development.
Mohammed who is also the National President of the Society of Nigerian Artists (SNA), drawing comparisons between Nigeria and China, underscored how China’s economic rise has been driven by a strong adherence to its cultural heritage.
He noted that many African countries, including Nigeria, have struggled with development because they often drift from their cultural roots in an attempt to mimic foreign models.
Suleiman who opined that China’s success in maintaining its cultural traditions while pushing for economic reforms is something Nigeria can and should learn from, and stressed that Nigeria must focus on its own identity to create sustainable development.
According to him, “If China can become a global power by staying true to its culture, why can’t Nigeria do the same in Africa?”
Emphasising on the growing relationship between Nigeria and China, particularly in infrastructure projects, he noted that Nigeria has benefitted from China’s investments, such as the expansion of railways and seaports, which have created jobs and boosted the economy. For example, the construction of rail lines across the country has provided employment opportunities and improved transportation, which in turn supports trade and commerce.
In addition to infrastructure, the Alumni President applauded the trade relationship between the two nations, and stated that Nigeria’s trade with China reached $22.6 billion in 2023.
Sulaiman also discredited the notion that China is merely dumping goods in Nigeria, and emphasised that China is a significant buyer of Nigerian raw materials, and called it a “win-win situation” for both countries.
However, he warned against relying solely on international partnerships and urged Nigeria to develop its own reform strategies, much like China’s periodic review system, to ensure steady progress.
“We cannot just sit and wait for things to happen because we are partnering with China,” he stated.
He also touched on social reforms, recommending for a revival of traditional Nigerian culture, an expansion of education and healthcare, and increased civic engagement, as he believes that these cultural and social changes are essential for Nigeria to achieve true development and strengthen its position on the global stage.
In conclusion, Sulaiman called for enhanced nationalism and a stronger focus on the values that define Nigeria, even as he urged the country to deepen its reforms in line with its cultural identity, following China’s model of balancing tradition with modernity.
“Nigeria must develop its own deepening reforms alongside China’s,” he said.
He added that this approach will help the nation secure its place in the world.
The seminar provided a platform for attendees to understand the significance of China’s reforms and how they might inspire Nigeria to chart a similar path toward modernization.
With China’s support, Nigeria could leverage new opportunities for economic development and global cooperation.
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Kill your 2027 election, PDP, LP chieftains advise Atiku

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By Kayode Sanni-Arewa

A member of the National Executive Committee of the Peoples Democratic Party, Diran Odeyemi, and a chieftain of the Labour Party, Anslem Eragbe, have advised former Vice President Atiku Abubakar to kill his 2027 presidential election ambition.

Both Odeyemi and Eragbe said the South should be allowed to rule for eight years.

They said the 2027 southern president might not necessarily be President Bola Tinubu.

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Eragbe, in an interview with Sunday PUNCH, argued that Atiku should not have contested the 2023 presidential election because it was the turn of the South to produce a president.

He said, “Atiku was not supposed to contest the 2023 presidential election because it was the turn of southern Nigeria. It is the turn of the South till 2031.

“Being a former Vice President of Nigeria for eight years; Atiku knows Nigeria’s power drill and equation. He should support younger Nigerians to power and provide guidance in 2027.”

Asked if the former Vice President would breach any law if he chooses to run for the nation’s highest office in 2027, Eragbe said the PDP stalwart “is entitled to his ambition and aspirations, adding however that “2027 – 2031 is for southern Nigeria.”

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According to him, the 2027 presidency shall remain in southern Nigeria and should be zoned to the South-South region.

“It should be further micro-zoned to the (defunct) mid-Western region. I mean the defunct Bendel, now Edo and Delta states. We expect the major political parties to do this for equity, justice, fairness and parity.

“However, should President Bola Tinubu, win the 2027 presidential election and continue till 2031, power shall return to Northern Nigeria,” he added.

The former President of the Student Union Government of Ahmadu Bello University, Zaria, added that when compared with other geo-political zones in the country, the South-South had spent the least number of years on the presidential seat.

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“The region that has ruled the least in Nigeria is the South-South with only five years under Goodluck Jonathan and should rule Nigeria again beginning from 2027.

“When put together, the North-Central spent a total of 17 years and 11 months, North-West, 17 years, three months; North-East, 10 years, three months; South-West, 15 years, four months by the time Tinubu finishes his term in May 2027; South East spent five years and nine months and the South-South, the only region to spend five years only on the presidential seat,” he added.

Eragbe called on the political parties to identify credible politicians, regardless of their financial status, to fly their flags for the various elective offices, stressing that 2027 would be another opportunity to right the wrongs of the past.

Speaking with Sunday PUNCH, Odeyemi stated that the ex-vice president’s participation in the 2023 presidential election and his perceived ambitions for 2027 were the causes of PDP crisis.

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He charged Atiku to bury his ambition, adding that once the former vice president failed to declare interest in 2027, the crisis in the party would be over.

The 2023 election was originally supposed to be between southerners, as former President Muhammadu Buhari, a northerner, had just completed eight years in office. However, Atiku insisted on exercising his rights, which is why there is a crisis in the PDP,” he stated.

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Why Buhari govt was shoved aside – IBB

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By Kayode Sanni-Arewa

Ex-military head of state, Ibrahim Badamasi Babangida (IBB), has stated that he shoved aside Muhammadu Buhari’s regime because he believed his policies were detrimental to the nation’s progress.

The former military leader disclosed this in his autobiography, ‘A Journey In Service’, launched in Abuja on Thursday.

Babangida was chief of staff to Buhari, who ousted Shehu Shagari’s civilian government in the December 31, 1983 coup.

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After the military coup that replaced the civilian government of Shehu Shagari with a military regime led by Major General Muhammadu Buhari, Ibrahim Babangida assumed the Chief of Army Staff role.

However, he became increasingly dissatisfied with the Buhari government’s policies and leadership style, which he described as draconian.

Recalling how he journeyed from Minna to Lagos on August 27, 1985, to assume office, Babangida said tension had already begun to build up since the start of the year, and a change in leadership had become necessary.

He said, “On that day, it became my lot to step into the saddle of national leadership on behalf of the Nigerian armed forces. The change in leadership had become necessary as a response to the worsening mood of the nation and growing concern about our future as a people. All through the previous day, as we flew from Minna and drove through Lagos towards Bonny Camp, I was deeply reflecting on how we as a nation got to this point and how and why I found myself at this juncture of fate.

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“By the beginning of 1985, the citizenry had become apprehensive about the future of our country.

The atmosphere was precarious and fraught with ominous signs of clear and present danger. It was clear to the more discerning leadership of the armed forces that our initial rescue mission of 1983 had largely miscarried. We now stood the risk of having the armed forces split down the line because our rescue mission had largely derailed. If the armed forces imploded, the nation would go with it, and the end was just too frightening to contemplate.

“Divisions of opinion within the armed forces had come to replace the unanimity of purpose that informed the December 1983 change of government. In state affairs, the armed forces, as the only remaining institution of national cohesion, were becoming torn into factions; something needed to be done lest we lose the nation itself. My greatest fear was that division of opinion and views within the armed forces could lead to factionalisation in the military. If allowed to continue and gain root, grave dangers lay ahead.”

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How CBN Spent $8bn On Naira Defence Against Dollar At FX Market

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By Kayode Sanni-Arewa

The Chief Executive Officer of Financial Derivatives, Bismark Rewane, has revealed that the Nigerian government, through the Central Bank of Nigeria, has spent almost $8 billion defending the naira at the foreign exchange market in the last months.

Rewane, a renowned economist, disclosed this at the weekend in an interview with Channels Television.

He was reacting to the decision by the Monetary Policy Committee to retain the country’s interest rate at 27.50 percent at the same time, maintaining other MPR parameters.

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Explaining the reason the Naira has appreciated to N1,505 and N1,507 across parallel and official foreign exchange markets, he noted that the apex bank has several initiatives to support the country’s currency.

“We’ve also borrowed $4 billion in bond issues. When you take a look at that, you’ll see there is a lot of work. We’ve actually spent almost $8 billion trying to support the naira at current levels,” Rewane stated.

According to him, Nigeria’s January inflation figure, which dropped to 24.48 percent after the Consumer Price Index rebasing, does not reflect the reality of ordinary Nigerians.

“There’s no way that inflation can reduce by 10% in a short period. The man on the street does not believe that inflation has come down as sharply as that,” he said.

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