Nigeria’s trade with China grows by N2tn

The Nigeria-China Business Council on Monday said that the trade relation between both countries had increased from $2.7bn (N531.9bn) in 2009 to $13bn (N2.56tn) currently.

The volume of trade between both countries within the six-year period represents an increase of $10.3bn (N2.03tn) or 381 per cent.

The National Coordinator/Chief Executive Officer, NCBC, Mr. Matthew Onwekwe, stated this during a chat with journalists in Abuja.

He said when the council was set up in 2009 under the Ministry of Industry, Trade and Investment, the level of trade between both countries was $2.7bn in favour of China and about $700m in favour of Nigeria.

Worried by the need to balance the trade imbalance between both countries, the council, according to him, has in recent times implemented a number of initiatives to encourage investments into both countries.

Onwekwe said, “Before the council was established, we had our mandate, which is to promote the trade relationship between Nigeria and China, and attract investors into various sectors of the economy. When we started this council, the trade relationship between Nigeria and China was about $2.7bn in favour of China and about $700m in favour of Nigeria.

“Then, we sat down and said we could not continue to run an economy like this because the relationship was one-sided and we must balance the trade between Nigeria and China. Today, trade relations between Nigeria and China is over $13bn in favour of China; and for Nigeria, it is almost $10bn, and that is as a result of the efforts made by this council”

He added that some of the products that contributed to Nigeria’s exports to China were Cocoa, cashew and cotton wool, among others.

Onwekwe said the council was currently diversifying its efforts at increasing investment into Nigeria, noting that some Chinese investors had begun the manufacturing of prepaid electricity meters in the country.

He said, “We have invited a lot of investors from China who are here today. We have brought in another investment through the prepaid meter.

“The NCBC has met and discussed with the Nigerian Electricity Regulatory Commission and the Ministry of Power and agreed that we must intensify our efforts to bring in investments into that sector by getting people to establish factories where prepaid meters will be manufactured.”