China pledges 40.3 billion naira grant and trade access to Nigeria

China has pledged a grant of RMB200 million (approximately 40.3 billion naira) to support development projects in Nigeria. Chinese Ambassador Yu Dunhai announced the funding in Abuja, stating the grant will support projects jointly agreed upon by both governments to advance Nigeria’s national development and economic growth priorities.

In a separate development strengthening bilateral economic ties, Nigeria is moving to utilize the Nigeria-China Aquatic Products Protocol. This agreement, concluded after five years of negotiations, provides eligible Nigerian aquatic products with zero-tariff access to China’s market of 1.4 billion consumers. Nigerian officials are urging exporters to act quickly to leverage this protocol to increase foreign exchange earnings and create new opportunities for domestic businesses.