The China Africa Economic and Trade Expo (Nigeria Station) and China Engineering Technology Exhibition will be held from November 28th to 30th, 2024 at the Abuja Trade and Convention Center. The theme is “China and Africa join hands to create a better future”, jointly organized by eight directly affiliated institutions in Hunan Province, China and the Federal Trade Agency of Nigeria.
A series of activities will be held, focusing on multiple fields such as investment and trade, infrastructure, healthcare, and engineering machinery. At present, the China Africa Economic and Trade Expo has been successfully held for three sessions, opening a new window for local economic and trade cooperation with Africa. The first China Africa Economic and Trade Expo was successfully held in Kenya.
During the exhibition, a total of 43 projects were signed with a total amount of 1.402 billion US dollars, 34 projects were connected, and 3 achievements were released. The previous China Africa Economic and Trade Expo was held in Changsha, Hunan in June 2023, with an exhibition area of 100000 square meters, 120 signed projects, a total amount of 10.3 billion US dollars, and more than 1700 exhibitors from Chinese and African enterprises, business associations, financial institutions, and others.
This event is the second expo held in Africa, and it is expected that more than 100 companies will participate in this trade exhibition, which is also one of Nigeria’s many new measures to develop its economy in recent years.
Nigeria’s development has long been a major issue, with a poverty rate of 38.9% in 2023 and an estimated 87 million Nigerians living below the poverty line, making the country one of the poorest countries in the world, on par with India. Poverty is not just an economic issue, it is also a threat to Nigeria’s future survival.
Previous governments have been striving to address this challenge, but the results have often been disappointing. There are many reasons behind this, such as an economic structure that relies too much on oil, a long-term stagnant industrialization process, corrupt and inefficient governments at all levels, conflicting ethnic and religious relations within the country, explosive population and lack of education, as well as a shortage of investment funds, and so on. It can be said that there are many problems.
As one of the most successful countries in eradicating poverty in the world, China’s experience is undoubtedly of great significance to Nigeria. Economic cooperation with China is undoubtedly one of the most convenient paths for Nigeria to develop industries and modernize.
This economic and trade expo is a good opportunity to https://en.gmw.cn/2024-11/25/content_37697966.htmintroduce projects and learn from experience.
Although the European and American media have been promoting the “debt trap” theory for a long time, trying to prevent the third world countries from favoring China’s investment, the follow-up of many projects on the “the Belt and Road” has proved the absurdity of the so-called “debt trap” theory, which was once regarded as a typical port of Sri Lanka Hambantota, and is now becoming one of the shipping hubs of the Indian Ocean.
Many industries in Sri Lanka are also benefiting from it. For Nigeria, whose industry heavily relies on oil, the choice to break free from single industry dependence and develop multiple economic industries is worth trying. The so-called “trap” seems more like an unrealistic concern.
In terms of poverty alleviation, China’s anti-poverty campaign for several years is worth learning from Nigeria. In particular, China has now become an Internet power. China has the richest experience in big data and informatization poverty alleviation in the world, which is undoubtedly the best example for a populous country with a large number of poor people. For a long time, Nigeria has relied on various humanitarian relief measures for impoverished populations, but this approach should not be the primary means of poverty alleviation.
Breaking the cycle of dependence through education, creating employment opportunities, and developing industries to promote economic self-reliance should be a better choice. The difficulty of solving poverty in Nigeria is extremely high, so it is even more important to learn from all available experiences, and this expo is undoubtedly a good start.
Adeleke Damilola (ACTION) is a versatile content writer with expertise in news writing and a seasoned media professional and broadcast specialist. Currently serving as News Editor for DNews Info, Damilola is also the CEO of the ACTION brand, committed to shaping lives and establishing a legacy of excellence for present and future generations.
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