Samson Echenim 
Between November 2024 and April 2025, Chinese investors have made investment commitments of $30 billion in Nigeria, the Director-General, Nigerian-China Strategic Partnership, Mr Joseph Tegbe has said.
Tegbe made the disclosure on Tuesday while speaking at the breakfast meeting on the Nigeria-China Currency Swap Deal, organised by the Nigerian Maritime Reporters Association of Nigeria (MARAN) in Apapa, Lagos.
Tegbe was represented by the Head of Operation at the Partnership, Mr Martins Olajide at the event themed, “Navigating the Peoples Republic of China Currency Swap Deal: Opportunities and Challenges for Importers, Exporters and Maritime Businesses.”
He said the Nigeria-China Strategic Partnership was established by President Bola Tinubu as “ways and means to transform Nigeria from a mere trade partner to a development partner with China.”
He noted that Nigeria has continued to leverage on the Bilateral Currency Swap Agreement (BCSA) with China since 2018 when the deal was first struck before being renewed recently in March 2025 for another three years.
He further disclosed that the partnership has received bids from 55 companies from China who want to establish factories in Nigeria.
He however cited limited liquidity, limited technical capacity of commercial banks to process trade under the Nigeria-China BCSA and resistance from some suppliers who still insist on the dollar, as some of the challenges being encountered under the currency swap trade deal with China.
He said: “We can say that we have reduced our dollar consumption by 35% as this volume of Nigeria’s international trade is with China. In 2018, we utilized 4% and improved to 6% in 2020 and by 2021, we rose to 11.6% utilization of the trade deal.
“Opportunities in the BCSA are enormous but there are challenges. These are limited liquidity; commercial banks have limited technical capacity to process trade under the agreement; and there is still resistance from some suppliers that are still USD dependent.
“Despite these challenges, about 20% of the cost element in trade is caused by all the processes involved in getting a third country currency (dollar). This cost element has been eliminated under the BCSA. As the trade hub of West Africa, this agreement can ultimately help Nigeria to harness all the benefits and leverage for growth.”
Tegbe disclosed that since after the BCSA with China, Nigeria through the Partnership Office has been working to increase exportation to China, instead of remaining more on importation from the country.
He said the partnership has received bids from 55 companies from China who want to establish factories in Nigeria.
Tinubu appointed Mr Joseph Tegbe as the Director-General and global liaison for the Nigeria-China Strategic Partnership, following the agreements reached during the President’s visit to China in early September 2024.
Photo: Dignitaries at MARAN Breakfast meeting on Nigeria/China Currency Swap. L-R : Head of Operation, Nigeria-China Strategic Paternership, Mr Martins Olajide, representating the DG, Nigeria-China Strategic Paternership, Mr Joseph Tegbe; Special Adviser to the CBN Governor on Finance and Strategy, Mr Anthony Ogufere, representing the CBN Governor, Cardoso; Chairman of the Occasion and Chairman, Customs Consultative Forum, Aare Hakeem Olanrewaju; CEO, Le-Look, Chief (Mrs) Ezenwa; President of MARAN, Mr Godfrey Bivbere; Barr. Emeka Akabuogu; Fmr Acting President, ANLCA , Dr Kayode Farinto; Dr Mubarak Mahmoud of the Importers Association of Nigeria( IMAN); and National President, NCMDLCA, Mr Lucky Amiwero
