Lagos Forum 2024: Book on Chinese investment in Nigeria launched as experts want better Nigeria-China relations

Dignitaries hold copies of the book at the Forum

March 21 was a day for the exchange of ideas on how best the Nigeria-China diplomatic relations can work.

At the Nigerian Institute of International Affairs (NIIA), Lagos there was a pool of experts with diverse ideas on how best to make the diplomatic ties better and more efficient.

The Forum was anchored on the theme: The Chinese in the Nigerian Economy: Depeening Development Cooperation Towards a Shared Future, a Better World. The topic was also influenced by the new book, The Chinese in the Nigerian Economy the Forum also unveiled. The book written by Ikenna Emewu was published by the Afri-China Media Centre, Lagos in December 2023.

The Lagos Forum was its maiden edition to be hosted jointly by the Chinese Consulate in Lagos, NIIA, Africa China Economy Magazine, and the Institute of African Studies of the Zhejiang Normal University, (IASZNU)China.

The objective of the Forum is to provide a platform for the deepening of ideas on how best the diplomatic relations between Nigeria and China in the past 53 years could be better harnessed.

Consul General Yan

In her address to the Forum to declare it open, the Chinese Consul General, Ms. Yan Yuqing said: I am pleased to attend the first Lagos Forum and I thank all the partners who have contributed to its successful organization. This is a good start and I believe it will become an important platform for in-depth exchanges between China and Nigeria.”

She further added “We live in a world full of uncertainties, and mankind is in an era of major development as well as profound transformation and change. People are asking the question of the times: What has happened to the world and how should we respond?

At the end of 2023, Chinese President Xi Jinping delivered an important address at the  Central Conference on Work Relating to Foreign Affairs, in which he identified the theme of China’s external work as building a community with a shared future for mankind. It was pointed out at the conference that given the series of major issues and challenges facing the world today, China calls for an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization.”

The key words for an equal and orderly multipolar world are “equal” and “orderly”. China advocates that the multipolarity of the world should be equal, through which all countries, regardless of size, are treated as equals,  hegemonism and power politics are rejected, and democracy is truly promoted in international relations. China advocates that the multipolarity of the world should be orderly. The progress toward greater multipolarity should be stable and constructive. The purposes and principles of the United Nations Charter must be observed by all, and the universally recognized, basic norms governing international relations must be upheld by all. True multilateralism must be practiced, to ensure its process becomes a historic one of unity rather than division, of dialogue rather than confrontation , and of cooperation rather than conflict among countries.

Not long ago, during his meeting with the President of Angola, President Xi Jinping noted that at present, the collective rise of developing countries is unstoppable, and the Global South must not be absent from global governance, or development and prosperity. China is a reliable friend and sincere partner for African countries in their efforts to safeguard independence and promote development and revitalization. President Xi said that China supports African countries and the African Union in solving African issues in the African way and safeguarding regional peace and stability. China stands ready to strengthen multilateral coordination with African countries and the AU to safeguard the common interests of developing countries, jointly advocate an equal and orderly multipolar world and an inclusive economic globalization that benefits all, and promote the building of a community with a shared future for humanity.

She recalled that China and Nigeria are strategic partners, and the engagement between the two countries is a vivid example of the promotion of equal and orderly multipolarity in the world.

In October 2023, President Xi Jinping met with Vice President of Nigeria Kashim Shettima who was in China to attend the third Belt and Road Forum for International Cooperation (BRF). President Xi stressed that since the establishment of diplomatic relations between China and Nigeria more than half a century ago, the two countries have always adhered to the principle of mutual respect and mutual benefit. China supports Nigeria in pursuing a path to modernization suited to its national conditions, and in playing a greater role in international and regional affairs, and would like to strengthen strategic coordination with Nigeria to promote democracy in international relations and safeguard the common interests of developing countries. 

Deeper insight by Chinese players

In addition, also, six Chinese companies in Nigeria including Huawei, CCECC, Lekki Free Trade  Zone Enterprise, China Habor, and the Lee Group presented papers on the impact of their businesses in Nigeria and how they contribute to the local economy and strengthen the relationship of the two countries.

The Dean and Director of the IASZNU, China, Prof. Liu Hongwu also addressed the Forum on the need for experts from the two countries to work together and compliments the efforts of their government to make China-Nigeria and African relations more fruitful.

He thanked the partners in the Forum for making it a reality as he mentioned it during his last visit to Nigeria in October 2023.

Liu also praised Emewu for his prowess in documenting Nigeria-China relations with the new book which is his second in two years.

The first session of the event ended with a highlight of unveiling the new book by Emewu who himself is a scholar in China-Africa relations and a journalist.

Experts presentations

At the second session of the event, three scholarly papers were presented by the Director General of the NIIA, Prof. Eghosa Osaghae, NIIA Acting Director of Research, Dr. Efem Ubi, and Emewu.

While Osaghae focused on A Nigerian Perspective of China-Nigeria Relations, Ubi spoke on China-Africa Cooperation (FOCAC), a Community of Shared Future, a Better World: Matters Arising, while Emewu’s topic was on A Need for a Nigerian Policy Framework on Chinas Global South Economic Growth Agenda.

Four panelists presented papers on various issues, including Engr. Misty Uba took a look at China and Nigeria’s Digital Economy Ten Years After. Other panelists were Dr. Tobi Oshodi, Mr. Vincent Ibonye, a Ph.D. scholar at Tsinghua University, Beijing, and Dr. Nicholas Erame of the NIIA.

Book Review

The book was reviewed by a prominent financial journalist and published in MoneyReport Magazine, Mr. Nik Ogbulie who gave an abridged narration of the book’s content.

He noted that the book “written by Ikenna Emewu, a first-rate Nigerian journalist, is a neo-classical interrogation of the ongoing discourse on the economic, social, and political relationship between the two countries.

“Written in lucid language deep in economic intelligence, the book is very friendly to handle. The 129-page book is 11×8 inches in size with content on cream bond newsprint for quality enhancement bears seven chapters including an appendix, and eleven iconic photographs as illustrations.

The author dedicates the book to what he describes as a “thriving economic bond between Nigeria and China which will actualize manufacturing growth as a good example to the world through which poverty and hunger could be eliminated”.

Delving more into the details of the book, Ogbulie said “Yan Yuqing, Consul General of The Peoples Republic of China wrote the Foreword and laid emphasis to the various economic development supports her country and the citizens have extended to Nigeria, especially in the area of infrastructure. She indicated that Nigeria and China share the same dreams as true friends while emphasizing China’s efforts in the much-talked-about Africa’s debt trap. She made a deep reflection so far on the journey between Nigeria and China while praising the author for providing a platform for discussions and more revelations on the things the two countries share.

In his introduction, the author feels that “China’s desire to invest in other worlds is hot, unpretentious, and voracious,” while standing on his conviction that “China remains the largest investor in Africa in terms of total capital since 2014. They invested more than $72 billion in the continent from 2014 to 2018, according to the Brookings Institute. Those investments created more than 137,000 jobs across 259 projects.”

In 2020, the Chinese were recorded as providing 200,000 direct employment opportunities for Nigerians.

About 10,000 Chinese companies were in operation in Africa in 2018, and almost 10 percent in Nigeria. The country holds a total of 17% (by value) of the volume of Chinese investments in Africa, and $5b of the $60b budgeted for FOCAC by Xi Jinping in 2015 at Johannesburg came to Nigeria as investments. That is 12%. China’s contribution to manufacturing in Nigeria was 9% in 2019.

Nigeria’s debt to China is $4.2 billion. However, China’s investments in two hydropower projects – Zungeru, ($1.2b) already in use since May 2023 and $5.8b for Mambilla are close to double the debt figure.”

By Ikenna Emewu

Source : https://africachinapresscentre.org/