Nigerian envoy wants Nigeria-China trade imbalance addressed

Nigerian envoy wants Nigeria-China trade imbalance addressed

Nigeria's Ambassador to China, Aminu Wali said on Thursday that Nigeria would have to increase its exports to China as the trade balance was in the ratio of 7:1 in favour of the Asian country.

"Chinese exports to Nigeria stood at seven billion dollars in 2010, while Nigeria exported goods worth a little less than one billion dollars to China during the period." He said.

Speaking with a group of Nigerian journalists in Beijing, Wali noted that Chinese businessmen and government were anxious to buy goods from Nigeria.

He said that some Nigerian businessmen who approached the embassy for information on doing business in China were advised to look more in the areas of solid minerals and agricultural produce.

According to the ambassador, Nigeria is currently China’s second biggest trading partner in Africa, after South Africa.

“Though, China is making inroads in the Nigerian oil sector, I am more concerned with the solid minerals and agricultural produce." He said.

Adopting China model

Wali observed that China had been able to remove 300 million of its citizens from living below the poverty level in the last 30 years, adding that Nigeria could adopt the Asian country's model.

Reports have it that China still has 150 million of its 1.3 billion populations living below poverty level, but that indication on ground shows that they would soon be prosperous.

Influx of inferior goods

On the influx of inferior goods into Nigeria from China, Wali said that dubious Nigerian businessmen were largely to blame.

He noted that Chinese goods were meeting the standard in the US, the EU and other developed nations but remained sub-standard in Nigeria because Nigerian importers wanted maximum profit.

He however said that the Standard Organisation of Nigeria (SON) and its Chinese counterpart had been meeting over the issue and would soon sign an agreement that would ensure that Chinese exports to Nigeria were inspected and certified before being allowed into the country.

NAN/Chiamaka/Ekata