Successful Unveiling of the Nigeria-China Sustainable Business, Bilateral Trade, and Investment Summit Towards a Legislative Agenda on Ease of Doing Business – Hon. Uche Harris Okonkwo
On Tuesday, 11th March 2025, I had the distinct honor of joining my colleagues, led by the Chairman of the House of Representatives Committee on Nigeria-China Relations, Hon. Jaafaru Yakubu, to attend the unveiling of the Nigeria-China Sustainable Business, Bilateral Trade, and Investment Summit. The event, held at the prestigious venue in Abuja, was not only a remarkable moment of bilateral collaboration but also a historic step toward enhancing the legislative agenda aimed at improving the ease of doing business between Nigeria and China. This summit was designed to foster sustainable growth, facilitate stronger trade relations, and cement the deepening economic ties between our two great nations.
The Nigeria-China Sustainable Business, Bilateral Trade, and Investment Summit was a significant platform for dialogue between business leaders, lawmakers, and policymakers from both countries. This summit is a testament to the ongoing commitment of both Nigeria and China to develop a mutually beneficial relationship that extends far beyond trade. It also highlights the growing recognition of the critical role that legislative action plays in shaping economic partnerships and creating an enabling environment for businesses to thrive.
In my address at the summit, I underscored the importance of continuous stakeholder engagement and dialogue, particularly between the legislative bodies of both nations. Sustainable business practices, a key focus of this summit, cannot be achieved without the participation of every stakeholder involved, from governments to business leaders to the people. The goal is to create a strategic collaboration that is not only aligned with the global trend toward sustainability but also focuses on the long-term economic well-being of both countries.
A major theme of the summit revolved around the need for an improved legislative framework that supports ease of doing business, particularly in the context of the Nigeria-China relationship. One of the central points I made during my address was that legislative frameworks must evolve to facilitate trade and investment by removing barriers to entry, simplifying processes, and ensuring a transparent and predictable environment for businesses from both nations.
The importance of legislation in fostering ease of doing business cannot be overstated. For years, Nigeria has faced challenges that have hindered smooth trade relations and investment flows. While there have been significant strides in addressing some of these issues, it is clear that much more needs to be done. The role of the National Assembly, especially the House of Representatives, in shaping and driving the legislative agenda is crucial to ensuring that both Nigerian and Chinese investors have the support they need to operate seamlessly and with confidence.
The ease of doing business is often defined by a series of factors, such as the time it takes to start a business, access to finance, the efficiency of customs procedures, and the overall regulatory environment. By aligning Nigeria’s legislative framework with these global standards, we can enhance the business climate, attract more foreign direct investment, and encourage increased trade between our two countries.
It is essential that we move away from outdated practices and focus on creating an environment where both Nigerian and Chinese businesses can operate without unnecessary delays or frustrations. Our legislative actions should aim at modernizing procedures, making them more efficient, and creating a level playing field for all businesses involved. This is the essence of what the Nigeria-China Sustainable Business, Bilateral Trade, and Investment Summit stands to achieve.
The event provided ample opportunities for engaging in meaningful dialogue with representatives from both the Nigerian and Chinese governments, as well as business leaders from various industries. We discussed the potential for deeper economic cooperation, specifically focusing on sectors such as agriculture, manufacturing, infrastructure, and technology. These sectors present tremendous opportunities for collaboration and growth, and it is important that we work hand-in-hand to establish the right frameworks to support these industries.
As part of the legislative agenda, one of the commitments I made at the summit was that Nigeria will continue to prioritize the facilitation of trade and investment. Our goal is to create a sustainable and business-friendly environment that not only benefits Chinese investors but also empowers local Nigerian businesses to thrive in the global marketplace. This vision aligns with the Nigerian government’s broader goals of diversifying the economy, creating jobs, and enhancing industrialization, while promoting transparency, governance, and accountability in all business dealings.
By focusing on building strong partnerships with China, Nigeria can tap into the immense potential of the Chinese market and leverage Chinese technological advancements. As we move forward, we aim to unlock the full potential of this partnership through mutually beneficial trade agreements, bilateral investments, and joint ventures that will foster economic resilience in both nations.
The outcome of the summit is particularly promising for Nigerians, starting with my constituency, Idemili North and South Federal Constituency, and extending to the wider Nigerian population. This summit is not just about discussing high-level trade and investment; it is about ensuring that the benefits of Nigeria-China collaboration trickle down to all levels of society. In this light, I assured our Chinese counterparts that the Nigerian legislative framework would support seamless trade relations, address bottlenecks in the current business environment, and enhance the ease of doing business.
For instance, one of the key concerns for many businesses in Nigeria is access to finance. At the summit, I called for stronger financial frameworks that will allow businesses, especially small and medium-sized enterprises (SMEs), to access funding more easily. This is crucial for fostering local entrepreneurship and ensuring that the economic growth resulting from improved trade relations is inclusive and benefits all Nigerians.
In addition to access to finance, there is the need for infrastructure development, particularly in rural areas. Many of my constituents have expressed concern over inadequate infrastructure, which hinders their ability to engage in trade and business. During the summit, we discussed how Nigerian and Chinese companies can partner on large-scale infrastructure projects that will enhance connectivity, reduce logistics costs, and improve the overall business environment. These projects will create jobs, boost productivity, and drive economic growth in various sectors.
The unveiling of the Nigeria-China Sustainable Business, Bilateral Trade, and Investment Summit marks the beginning of a new era in the relationship between our two countries. The discussions held during the event underscored the enormous potential for growth in trade and investment, and the shared commitment to sustainable business practices that will lead to long-term economic benefits for both Nigeria and China.
This summit has set the stage for further dialogues that will shape future trade policies and investment agreements. As legislators, we recognize the critical role we play in shaping the laws and policies that create an enabling environment for businesses to flourish. By advancing the legislative agenda on ease of doing business, we are not only helping to improve the bilateral relationship between Nigeria and China, but also positioning Nigeria as a more attractive destination for global investment.
The collaboration between the legislative bodies of Nigeria and China is essential for building strong, lasting economic ties. As representatives of the people, we are committed to ensuring that the benefits of this relationship are felt by all Nigerians, from the grassroots level to the national stage.
In conclusion, the Nigeria-China Sustainable Business, Bilateral Trade, and Investment Summit has laid the groundwork for a prosperous and sustainable future for both nations. With continued collaboration, strategic legislative actions, and a focus on ease of doing business, we can unlock the full potential of the Nigeria-China partnership and create an environment that fosters growth, innovation, and prosperity for our people.
As we move forward, I remain committed to supporting efforts that will promote the ease of doing business, improve trade relations, and facilitate investment, all of which are essential for the sustained economic development of Nigeria. The success of this summit is just the beginning, and I am confident that the legislative agenda we have set forth will lead to even greater strides in Nigeria-China relations, benefiting Nigerians, especially those in my constituency, and contributing to the economic prosperity of both countries.
EXCERPT
Successful Unveiling of the Nigeria-China Sustainable Business, Bilateral Trade, and Investment Summit Towards a Legislative Agenda on Ease of Doing Business.
On Tuesday, 11th March 2025, I joined my colleagues, led by the Chairman of the House of Representatives Committee on Nigeria-China Relations, Hon. Jaafaru Yakubu, to attend the unveiling of the Nigeria-China Sustainable Business, Bilateral Trade, and Investment Summit. This event marks a significant step towards advancing a legislative agenda focused on improving the ease of doing business between the two nations.In my address at the summit, I emphasized the importance of continuous stakeholder engagement through dialogue and strategic collaboration. Such efforts are essential to advancing policies that foster economic growth, facilitate trade, and create a more business-friendly environment between Nigeria and China.I assured our Chinese counterparts that our legislative framework will support seamless trade relations and enhance the ease of doing business. This, in turn, will promote robust economic development and shared prosperity for both nations.The summit was a resounding success and is poised to benefit Nigerians, starting with the Idemili North and South Federal Constituency. It also marks the beginning of even greater strides in Nigeria-China relations.Hon. Uchenna Harris Okonkwo.Member Representing Idemili North and South Federal Constituency.
