China’s investment in Tanzania soars, as trade relationship with Nigeria takes dip

China’s investment in Tanzania has hit a record $1.8 billion since President Xi Jinping’s visit in the East African country 10 years ago, while bilateral trade between China and Nigeria has taken dip by about a third in 2022 compared to 2021.
China’s direct investment stock in Tanzania is 2.5 times that of 2012, according to the announcement that was made during a conference commemorating President Xi Jinping’s visit to Tanzania. In the 10 years following President Xi Jinping’s previous visit to Tanzania, China has invested in projects in Tanzania totaling $1.8 billion. Chinese investment has had a significant influence on the nation in terms of trade investment, job creation, and relationships, according to executive director of the Tanzania Investment Center (TIC), Gilead Teri. “For the past 10 years, China has registered 1,908 projects worth $1.6 billion in the mainland and 15 projects in Zanzibar worth $220 million,” he said. Tanzania is fast becoming a booming investment destination, as its investment portfolio continues to grow under the leadership of President Samia Hassan Suluhu.
Meanwhile, Nigeria and China’s bilateral trade decreased by $80 million in 2022 compared to the previous record year of 2021, even as both nations work to optimize their trade relations. Wang Yingqi from the Chinese Embassy in Nigeria said that the trade record was $219 million in 2022 and $300 million in 2021 and added that the Chinese government has invested in the Lekki Free Trade Zone as a result of the Public Private Partnership with the federal government and the Lagos State Government. In response, the executive secretary of the NIPC, Saratu Umar, reaffirmed the federal government’s commitment to fostering closer business ties with the Chinese government in support of both nations’ investment drives and said it was finally time for Nigeria to start exporting finished goods to China.