Nigeria-China trade hits $7.76bn
The trade between nigeria and China has hit a historical new high of $7.76 billion, said the Chinese ambassador to nigeria, he deng Boqing.
According to Ambassador Boqing, “Nigeria has become the fourth largest trade partner and the second largest export market of China in Africa”.
The envoy spoke during a one day seminar on China-Nigeria Trade Promotion jointly organised by the economic and Commercial Counsellor’s office, Chinese embassy and the National Association of Nigerian Traders (NANTs), in Lagos.
He added that in 1993 the China-Nigerian trade volume surpassed $100 million for the first time, stressing that it is since the 1990s that the bilateral trade has been developing by leaps and bounds.
He also added that China and Nigeria enjoyed long-standing trade relations and said that since 1953, before the establishment of formal diplomatic relations, the two countries have commenced trade contact with each other.
He stated that China as an international trade player, attached great importance to the quality of the product and considered it as the “lifeblood of ‘Made in China’ brand.”
He also stated that, the Chinese Government has set up various monitoring and complaint platforms, held special controlling projects, urged enterprises to take their responsibilities for the quality and safety, enriched the quality and safety standard system, worked to speed up the process of improving the quality inspection and supervision system.
He further stated that Nigeria has diligent and talented people, abundant natural resources and huge potential for development, adding that the Goldman sachs Group predicted Nigeria would be the 18th largest economy in the world by 2025 and 11th in 2050.
“I believe Vision 2020 of Nigeria will be realised. China and Nigeria are strategic cooperative partners. The width and depth of cooperation of the two countries embrace a vast range of prospects,” he said.
“To ensure the healthy and sustainable development of the trade between us, not only the government sectors and trade associations should play positive roles, but it is equally important for the traders of the two countries to take their responsibilities as well,” he added.
He outlined some steps to further improve the quality of Chinese products in Nigeria and guide the positive development of China-Nigeria trade as both governments to join hands to set up an effective product quality inspection and supervision channel.
He also asked the Chinese and Nigerian companies and businessmen to advocate moral in business, enhance the sense
of social responsibility and produce and sell products with reasonable price and high quality that meet the demands of the Nigerian people.
He also added that Chinese institutions and businessmen should consciously behave as image ambassadors of China, obey the laws while doing business in Nigeria and to ensure the good quality of products and services.
Mr. Ken ukaoha, the President, the National Association of Nigerian Traders (NANTs), , said the establishment of diplomatic relations between the People’s Republic of China and Nigeria is a laudable achievement, adding that the last decade witnessed unprecedented trade volume and renewed positive and mutually beneficial economic developments. He said “the current trade volume between Nigeria and China is estimated at $13.3 billion which represents an increase of about $10 billion from $3 billion recorded in 2006 and a clear indication of an increasing economic cooperation between both countries”. According to ukaoha, Nigeria’s socio- economic development is being fuelled by massive Chinese imports and investments in strategic sectors of the economy .