FG: Amid Global Dynamics, Economic, Trade Alliances Crucial for Nigeria’s Prosperity

*Says with AfCFTA, partnership with China will broaden economic integration, improve living conditions for Nigerians 

*NEPC launches export trade house in world’s second largest economy 

*Bilateral trade hits $12.03 billion in 2021 

James Emejo in Abuja

The federal government has said with emerging global events and dynamism, economic and trade alliances have become strategic for Nigeria’s prosperity.
The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, stated this at China (Changsha) – Nigeria Investment, Economic and Trade Promotion Conference, which was held over the weekend in Abuja.

The minister also said Nigeria remains open to collaboration with China, adding that with the endorsement of the African Continental Free Trade Area (AfCFTA) agreement, the former was better positioned for broader economic integration and trade enhancement that would improve the lives of Nigerians.

He said Nigeria had continued to be China’s number one trading partner in Africa, stressing that the volume of trade between both countries stood at over $12.03 billion in 2021, representing an increase of 7.1 per cent compared to the transactions in 2020.
Represented at the meeting by 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.

However, the meeting coincided with the launch of the Export Trade House (ETH) in Hunan Province, China by the Nigerian Export Promotion Council (NEPC) as part of efforts to increase the export of Made-in-Nigerian products in the Southeast Asian country.
The Executive Director/Chief Executive of NEPC, Dr. Ezra Yakusak, explained that the ETH was targeted at improving sustainable trade inflows between Nigeria and China, increasing the share of Nigerian products in target markets as well as increasing foreign exchange inflows into the economy among others other benefits.

Nonetheless, Adebayo said the relationship between Nigeria and China has so far been cordial and mutually beneficial, pointing out that diplomatic relationship between the Federal Republic of Nigeria and the People’s Republic of China, was established in 1971 while both countries have enjoyed mutually beneficial bilateral trade and economic cooperation in various sectors including agriculture, manufacturing, education, health, tourism, industry and services, construction, mining, and skill development.

He said the federal government remained committed to providing a sustainable platform for cooperation, which will help to collectively achieve its common goals for the mutual benefit of Nigeria and China.
The minister informed the gathering that as part of efforts to ensure ease of doing business in the country, President Muhammadu Buhari, recently signed the Business Facilitation Bill into law, to strengthen ease of doing business and remove bureaucratic constraints to doing business.

He said the conference would provide a platform to further strengthen Nigeria – China collaborations and investments, especially in sectors including agriculture and agro-allied industries, mining, and investments in gas development as well as the digital economy.
In his remarks at the conference, the Deputy Mayor of Changsha Municipal People’s Government and Chairman of Changsha Federation of Industry and Commerce introduces Hunan Province, China, Mr. Kang Zhenlin, expressed hope that the engagement would open a new starting point through which China could further deepen communication and friendship with the Nigerian government, entrepreneurs, and investors, and strengthen cooperation for mutual benefit and a win-win situation.

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.”
Kang said 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, said ETH remained a strategic tool that would address the challenge of dwindling revenue from oil given that the world is moving away from oil to renewable energy.
He said, “The launch of the Nigerian ETH is indeed a great foundation on which to strengthen and sustain the bilateral relationship existing between both countries.”
With the opening of the China ETH, the NEPC has now launched and operationalised a total of four ETHS which are located in Cairo, Egypt, Lome in Togo, and Nairobi in Kenya.
According to Yakusak, China was third on the list of top 10 Nigerian export destinations with a total export valued at $375.185 million.