Nigeria/China trade hit $13.3 billion

Nigeria/China trade hit $13.3 billion

Trade between Nigeria and China has hit a total of $13.3 billion.

The Chief Executive of the Nigeria-China Business Council, Mr Matthew Uwaekwe,made this known at the Murtala Muhammed Airport in Ikeja, Lagos, South West Nigeria on Wednesday.

Uwaekwe, said out of the $13.3 billion, over $9 billion was in favour of China while about $4 billion was in favour of Nigeria.

He said the statistics was from February 2010 to February 2011, explaining that the trade imbalance was in favour of China because it exports more products than what it imports unlike Nigeria, which relies more on importation of goods than exportation.

Substandard goods importation

Speaking on the importation of substandard goods to Nigeria from China, he revealed that the council was working with the Chinese government to ensure that substandard goods were not allowed to enter Nigeria from China, stressing that any private investors found to be engaged in the importation of such goods would be sanctioned.

The Chief Executive of the Nigeria-China Business Council further disclosed that, the council was wooing Chinese investors to invest in the country in a bid to reduce such products.

He said the council also stressed that once that was done; the era of substandard goods from China would be a thing of the past.

Uwaekwe said: “We are at present making moves to make sure that Chinese investors come to Nigeria to produce here in the country and produce to the specification of the Nigerian Government and anchored by the Standard Organisation of Nigeria.”

He blamed the Chinese manufacturers for exporting substandard products to Nigeria adding that China has three categories of products: superior, medium and low, but Nigerian businessmen go to them and request for low products to be imported into the country.

Reacting to this Uwaekwe said “we need to educate our people on the need to go for standard products not just from China but from wherever they are doing business.”

NP/Adekusibe/Williams