The article examines the impacts of Nigeria-China trade agreements on inflow of foreign aid and investment into Nigeria. It noted that it has provided an alternative source of financing for development projects, reducing Nigeria's reliance on traditional foreign aid. Chinese investments in infrastructure, energy, telecommunications, manufacturing, and agriculture have addressed critical development needs in Nigeria. However, concerns arise regarding the competitiveness of local industries due to cheap Chinese goods and issues related to the terms and conditions of investments. The presence of Chinese companies in Nigeria's sectors raises questions about the long-term impact on the economy and indigenous industries. The study is anchored on theory of trade and investment liberalization, while documentary method and content analysis were employed for data collection and analysis respectively. On account of the foregoing the article recommends that policymakers need to carefully assess these impacts, address challenges, and ensure transparency, accountability and effective regulatory frameworks to maximize the benefits of the trade agreements.