Nigeria is actively exhibiting at the China International Fair for Trade in Services (CIFTIS) 2024 in Beijing, China. This is the first time the nation has set up a stand-alone booth at the event, showcasing its trade and Investment opportunities on an international stage. With over 85 countries and organizations participating, CIFTIS 2024 is a well-known platform that focuses on industries including digital innovation, healthcare, and artificial intelligence, among others. Nigeria’s participation in the event demonstrates its dedication to growing its footprint in the global services trade sector, given the event’s potential to draw in a large number of foreign businesses and trade opportunities.
Held in cooperation between the Ministry of Commerce and the People’s Government of Beijing Municipality, the 2024 CIFTIS with the subject “Global Services, Shared Prosperity” commenced in Beijing on the 12th of September and was scheduled to conclude on the 16 of September. CIFTIS conveys a clear picture of the excellent growth of China’s service sector and commerce, which is helping to create an open global economy. This event, which attracted over 900,000 participants and exhibitors from 197 countries and territories, has been successfully held for ten sessions since its start in 2012. It evolved into a significant forum for strengthening global cooperation and reviving the world economy.
Showcasing Nigeria’s services sector with the platform.
At this year’s CIFTIS, several online and offline promotional initiatives will be introduced, with an emphasis on the most recent developments in the industry and development trends. 13 nations and international organizations—including Nigeria, France and Portugal—will host offline displays for the first time during the trade show. Nigeria’s ambition to keep up with global trends in service Innovation and Technology is demonstrated by its presence alongside tech-driven exhibits like AI-powered inventions and hydrogen fuel technologies. Nigeria is looking into new areas of cooperation with this participation, especially as China’s service industry is growing.
In addition, the event provided Nigerian companies access to state-of-the-art technologies and prospective partners, presenting chances to develop stronger commercial connections in sectors other than typical exports of goods. Nigeria aims to leverage the CIFTIS platform to showcase the nation’s services sector to the global community for the first time. Additionally, the nation aspired to improve its bilateral ties with China. Nigeria’s expanding influence in the IT sector is highlighted by the various Nigerian enterprises exhibiting musical instruments and Telecommunication services at the booth.
Trade ties between both countries expected to strengthen.
Moreover, the booth was reportedly set up at the China National Convention Center in Beijing, where the Forum on China-Africa Cooperation (FOCAC) 2024 Summit was recently held. It is anticipated that both the CIFTIS and the FOCAC will help to strengthen and improve Nigeria-China trade ties and ensure that Nigeria’s services sector has ample exposure to the Chinese business community. Nigeria has taken part in a comparable event called the China International Import Expo (CIIE). The country has participated extensively in this exhibition, which serves as a significant avenue for nations to display goods and services for trade with China.
Specifically, Nigeria has utilized the CIIE to boost its non-oil exports and to entice international investment in industries including manufacturing, services, and agriculture. The country’s commercial presence in Asia has increased through the CIIE’s facilitation of partnerships and trade agreements between Chinese and Nigerian enterprises. Nigerian companies have displayed agricultural goods at the expo in previous iterations, including ginger, cashew nuts, Sesame seeds, and cocoa—all of which are in high demand in China. Additionally, the event has helped Nigerian businesses form alliances with Chinese consumers, increasing trade volumes between the two countries.
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Furthermore, Nigeria has been a proactive member of the FOCAC, a forum that facilitates the strengthening of diplomatic, political, and economic relations between China and African countries. Nigeria has negotiated a number of development agreements during these sessions, mostly in the areas of technology, energy, and infrastructure. Also, Nigeria has participated in the China-Africa Economic and Trade Expo (CAETE), an event that aims to promote trade alliances and explore prospects in industries like manufacturing, digital services, energy, and agriculture. Akin to CIFTIS, these events give Nigeria the chance to expand its non-oil exports, diversify its economy, and create new international commercial relationships.