The “Two Sessions” of China featured significant economic targets and discussions on foreign investment, emphasizing the importance of global cooperation, especially with Africa. Notably, Nigeria and China strengthened their partnership, aiming for comprehensive development, highlighted by the establishment of the Nigeria-China Strategic Partnership. This relationship is marked by ongoing projects and investments that benefit Nigeria’s economic sectors.
The People’s Republic of China recently convened its significant annual event, known as the “Two Sessions,” which took place in Beijing from March 4 to March 6. This meeting involved the 14th National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC). Key attendees included President Xi Jinping, who is also the General Secretary of the Chinese Communist Party, Premier Li Qiang, and high-ranking Politburo officials, attended this pivotal event.
The Two Sessions delve into crucial economic and social development targets, including annual goals. This year’s targets include a GDP growth rate of 5%, an urban unemployment rate of around 5.5%, the creation of over 12 million new urban jobs, and a consumer price index increase of approximately 2%. Additional objectives include balancing payments, an output of around 700 million metric tons of grain, a decrease in energy consumption per unit of GDP of about 3%, and ongoing environmental improvements.
During his address, Premier Li Qiang elaborated that the proposed targets were influenced by evolving domestic and international dynamics. He stated, “In setting the growth rate at around 5%, we have taken into account the need to stabilise employment, prevent risks, and improve the people’s wellbeing…” Li also emphasized China’s commitment to openness in the face of global changes, asserting that the achievements of the past year were the result of significant effort amid challenges.
To attract foreign investments in 2025, Premier Li highlighted plans to host high-standard trade events, which include the International Import and Export Fair and the Global Digital Trade Expo. He assured that foreign investors would receive enhanced services and support, expediting landmark investment projects to solidify China as a preferred destination for investments.
Chinese Foreign Affairs Minister Wang Yi subsequently provided insights into China’s foreign policy, noting significant changes in international dynamics. He encouraged the Global South to unite for development and stated, “The hallmark of our era is the prominent, growing strength of the Global South.” Yi reported that the Global South comprises over 40% of the world’s GDP and is vital for global peace and growth.
Focusing on China-Africa relations, Yi emphasized that China and Africa share a partnership aimed at mutual growth. He remarked on the significant investments made by China in Africa over the past years, including substantial infrastructure development, and stated, “There will be no global modernisation without African modernisation.”
In considering Nigeria’s strategic partnership with China, analysts noted potential benefits arising from the recent Two Sessions. Nigeria and China have recently upgraded their partnership to a “Comprehensive Strategic Partnership,” as confirmed by Chinese Ambassador Yu Dunhai. This shift heralds a new chapter in bilateral relations, highlighting Nigeria’s substantial role as a contractor and trading partner with China.
Following the FOCAC summit in Beijing, Nigeria’s President Bola Ahmed Tinubu approved the formation of the Nigeria-China Strategic Partnership (NCSP), assigning Mr. Joseph Tegbe to oversee its implementation. The NCSP is actively engaging with Chinese officials, companies, and stakeholders to facilitate trade and investment while enhancing various sectors, including agriculture, telecommunications, and infrastructure.
The ongoing collaboration between Nigeria and China has yielded significant results, evidenced by various projects across Nigeria, including the Lagos-Ibadan railway and Abuja-Kaduna railway. These initiatives underscore the mutual benefits of the partnership and the potential for continued growth and development.
The “Two Sessions” of China reflect the nation’s commitment to establishing measurable growth targets while simultaneously fostering relations with foreign nations, particularly those in Africa. For Nigeria, the upgraded partnership with China presents an opportunity for sustainable economic development through strategic collaboration and investment. Emphasizing sectors such as infrastructure and agriculture, the deepening ties between Nigeria and China offer substantial benefits and prospects for the future, crucial for Nigeria’s broader economic landscape.
Original Source: economicconfidential.com
