No tree can survive alone in the forest, neither can any country, whether in agriculture, technology, business or in the economic sector.
The Nigerian government, in view of the recent reports of the World Bank, Fitch Ratings and other reports declaring that the oil-rich nation’s economy is struggling, has had a major rethink.
In a move to put the economic back on its feet, the Federal Government is entering into a fresh trade partnership with China as pivotal.
It believes it will push forward economic prosperity of the nation.
This trade agreement is believed, would better position the country for broader economic integration and trade enhancement that would improve the lives of its citizens.
The Minister of Industry, Trade and Investment, Niyi Adebayo, made this known while at China (Changsha) – Nigeria Investment, Economic and Trade Promotion Conference, held recently.
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Adebayo noted that with the emerging global events and dynamism, economic and trade alliances have become essential for Nigeria’s prosperity.
According to the minister, Nigeria would continue to be China’s number one trading partner in Africa.
He stressed that the volume of trade between both countries stood at over $12.03 billion in 2021, representing an increase of 7.1% compared to the transactions in 2020.
Areas For Mutual Cooperation
Adebayo was represented at the meeting by the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Dr. Evelyn Ngige.
Adebayo said the maiden conference would provide another platform for the identification of areas for mutual cooperation and trust for economic growth and prosperity.
As part of efforts to increase the export of Made-in-Nigerian products in the Southeast Asian country, the launch of the Export Trade House (ETH) in Hunan Province, China by the Nigerian Export Promotion Council (NEPC) became necessary.
Explaining the purpose of the ETH, the Executive Director/Chief Executive of NEPC, Dr. Ezra Yakusak, said ETH would improve sustainable trade inflows between Nigeria and China
Also, it will increase the share of Nigerian products in target markets as well as increasing foreign exchange inflows into the economy among others other benefits.
Adebayo said Nigeria remained committed to providing a sustainable platform for cooperation.
He believes that this will help both nations collectively achieve their common goals for the mutual benefit of Nigeria and China.
Also, participants believe that the conference would further strengthen Nigeria – China collaborations and investments, especially in sectors such as agriculture and agro-allied industries, mining, and investments in gas development as well as the digital economy.
Meanwhile, to strengthen ease of doing business and remove bureaucratic constraints to doing business, President Muhammadu Buhari recently signed the Business Facilitation Bill into law.
Deputy Mayor of Changsha Municipal People’s Government and Chairman of Changsha Federation of Industry and Commerce, who introduced Hunan Province, China, Kang Zhenlin, expressed the belief that the engagement would deepen friendship ties.
Banks Of Xiang River
Zhenlin, says it will strengthen cooperation for mutual benefit and a win-win situation between China and Nigeria’s entrepreneurs and investors.
He said: “We sincerely invite all guests to meet on the banks of Xiang River in June to write a new chapter of China-Nigeria and China-Africa economic and trade cooperation and to create a new future of China-Nigeria and China-Africa cooperation together”.
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According to Kang, Nigeria remains one of the top three trade partners of the Hunan Province with Africa, adding that the construction of the Hunan Economic and Trade Cooperation Zone in Nigeria was started in 2021.
He said in 2022, the trade volume between Hunan and Nigeria was $1.08 billion, an increase of 66.12 per cent year-on-year.
Meanwhile, Nigeria’s Ambassador to China, Baba Ahmad Jidda, is optimistic that the ETH would be a strategic tool necessary in addressing the challenge of dwindling revenue from oil; given that the world is moving away from oil to renewable energy.
