Nigeria committed to boosting trade relations with China - Official

Nigeria on Thursday reaffirmed its commitment to strengthen trade relations with China.

The Permanent Secretary, Ministry of Industry, Trade and Investment, Dr Evelyn Ngige made this known at the China-Nigeria Investment Economic and Trade Promotion Conference organised by Changsha Municipal Bureau of Commerce and sponsored by Changsha Municipal People’s Government.

She said the Federal Government remained committed to providing sustainable platform for cooperation and mutual benefit of both countries.

The permanent secretary, who was represented by the Director of Trade, Mr Suleman Audu, said plans were ongoing for activities that would deepen the relationship.

According to her, part of the collaboration include an upcoming trade expo.

She said the expo, titled China-Africa Economic and Trade Expo (CAETE) was scheduled to hold in Changsha, Hunan, China between June 29 and July 2.

Ngige said ahead of the expo, Nigeria Export Promotion Council(NEPC) would launch the Export Trading House in China between April 19 and April 22.

“The upcoming Expo is strategic for Africa and Asia to further improve collaborations and deepen economic relationships.

“The world is changing rapidly and with emerging global events, economic and trade alliances are strategic for prosperity.

“The relationship between Nigeria and China has so far been cordial and mutually beneficial,”she said.

Ngige said both countries had enjoyed mutually beneficial bilateral trade and economic cooperation in various sectors.

Some of the sectors according to her are, agriculture, manufacturing, education, health, tourism, industry, mining, skills development among others.

On trade volume, the permanent secretary said, “Nigeria has continued to be China’s number one trading partner in Africa.

“The volume of trade between the two nations stood at over 12.03 billion dollars in 2021 representing an increase of 7.1 per cent in 2020.

“This maiden conference therefore provides another platform for identification of areas for mutual cooperation and trust as well as economic growth and prosperity,” she said.

She said Nigeria was one of the most attractive investment destinations in Africa.

She added that the global consulting firm, Price Waterhouse Coopers (PWC), had projected that Nigeria would be among top economies in the world by 2050.

According to her, the assertion is backed by strong economic fundamentals like Nigeria accounting for over 20 per cent of the continent’s Gross Domestic Product (GDP).

Ngige also said Nigeria is home to an energetic and technology savvy workforce with over 60 per cent being below 25 years.

The permanent secretary said the choice of China was deliberate, adding that it is one of the world’s top strategic trading partners.

She said with the endorsement of the African Continental Free Trade Area Agreement (AfCFTA), Nigeria was better positioned for broader economic integration and trade enhancement.

She said besides the partnership with China, the Nigerian Government was doing alot to promote trade within Africa.

She further said the NEPC had launched the Export Trading House in Egypt, Kenya and Togo.

Mr Kang Zhenlin, Deputy Mayor of Changsha Municipal People’s Government, said the expo would focus on achievements of China-Africa economic and trade cooperation among others.

Zhenlin, who is also Chairman of Changsha Federation of Industry and Commerce introduces Hunan Province, said there would be lots of events during the expo.

He said there would be about 30 events in 6 categories including major events, high-end forums, docking negotiations among others.

“The China-Africa Economic and Trade Expo has become an important way to strengthen economic and

trade cooperation between China and African countries.

“In June this year, the third China-Africa Economic and Trade Expo will be held on the theme, “Common Development for a Shared Future,”he said.

The News Agency of Nigeria(NAN) reports that the highpoint of the event was the signing of Memorandum of Understanding(MoU).

Also, there were presentations by Nigerian and Chinese private companies.

Meanwhile the event was attended by various government functionaries, private companies and other stakeholders.