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Nigeria & China Collaborates to Strengthen $12B Annual Trade

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Source: A T witter post

The China and Nigerian governments has agreed to improve the rate of trade between both Countries.

According to the Federal Government, the collaboration will take more than $12 billion.

On April 20, the two governments agreed to increase the trade volume between their countries.

This collaboration was revealed by Dr. Evelyn Ngige, the Permanent Secretary, Ministry of Industry, Trade and Investment.

The agreement occurred during the China-Nigeria Investment Economic and Trade Promotion Conference.

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The event was organized by the Changsha Municipal Bureau of Commerce.

Presently, China is the largest economy in Asia and reports show that, it’s becoming Nigeria’s vital trade partner.

Reports, has it that China is accountable for 38% of every importation to Nigeria for the past 5 years now.

This makes China, the major destination for Nigeria’s importations.

nigeria

Source: Freepik

Trade Agreement

According to Dr. Ngige, the FG offering a sustainable forum to ensure that this collaboration is beneficial to both countries.

He cites that Nigeria government is set to carry out its plans to build this relationship between China and Nigeria.

An expo named “China-Africa Economic and Trade Expo” is arranged to welcome, Changsha, Hunan around June 29 and July 2.

Additionally, The NEPC (Nigeria Export Promotion Council) will launch its Export Trading House in China around April 19 and 22.

Underlying Concerns

According to Reports, Nigeria signed a joint trade shortfall of N18.3 trillion with China 5 years ago.

This amount is equivalent to $40 billion which is a staggering amount in net Forex outflow.

Nigeria is still a developing country but has lost this staggering amount of money to the 2nd to the largest economy in the whole world.

Majority of Nigeria’s importations from China involves raw material inputs and manufactured goods.

The reason is because, China goods are lower in cost. Besides, China is the major manufacturing hub in the world.

However, Nigeria’s over dependence on China importations has been raising great concerns regarding its possible impact on Nigeria’s economic sovereignty.

At present, Nigeria owes China around $4.2 billion in external loans from the $3.6 billion it was in 2022.

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Trade Volumes

In Ngige statement, she noted that Nigeria and China are both enjoying their mutual advantageous bilateral trade and economic collaboration.

These includes; agriculture, education, mining, manufacturing, tourism, and health.

She further said that Nigeria will soon become the number 1 trading partner of China in the whole Africa.

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