Nigeria Targets Trade Balance In Partnership With China.
The Federal Government has announced ambitious plans to reverse Nigeria’s $20 billion trade deficit with China and transform the nation into a net exporter to the Chinese market within the next five years.
This was disclosed by Joseph Tegbe, Director-General and Global Liaison for the Nigeria-China Strategic Partnership, during the opening ceremony of the China-Nigeria Infrastructure Cooperation Forum and the 18th China Engineering and Technology Exhibition held in Abuja on Thursday.
Tegbe highlighted the disparity in trade, noting that while Nigeria imported nearly $20 billion worth of goods from China in 2023, its exports to the Asian giant were minimal in comparison. Drawing parallels with Brazil, which exported $105 billion to China in the same period, Tegbe stressed the need for Nigeria to harness its untapped potential.
Tegbe pointed out the stark contrast between China and Africa in agricultural productivity. “China, with just 10% of the world’s arable land, has resolved food challenges for over 1.2 billion people, while Africa, with 60% of the world’s arable land, still struggles with food security,” he stated.
He emphasised the potential for Nigeria to adopt advanced Chinese agricultural techniques and technology to address food security challenges and improve trade dynamics.
Tegbe expressed optimism about the newly elevated trade relationship between Nigeria and China, which was solidified at the recent Forum on China-Africa Cooperation (FOCAC) summit. This elevation to a Comprehensive Strategic Partnership, he noted, is built on mutual trust, shared ambition, and collaborative efforts.
Tegbe outlined Nigeria’s vision of industrialisation, suggesting that a prosperous Nigeria could catalyse development across the continent. “Industrialising Nigeria could lead to the industrialisation of 25% of Africa. An economically viable Nigeria means a prosperous Africa,” he remarked.
Chinese Ambassador to Nigeria, Yu Dunhai, reaffirmed China’s commitment to the partnership, describing Nigeria as a vital engineering market, trading partner, and investment destination. He commended the exhibition for showcasing innovations across engineering, manufacturing, biotechnology, and green energy, which could play a crucial role in Nigeria’s industrialisation and agricultural modernisation.
Minister of Transportation, Senator Said Alkali, underscored the exhibition’s importance, noting its alignment with President Bola Tinubu’s Renewed Hope Agenda, particularly in infrastructural development.
This strengthened partnership marks a significant step towards transforming Nigeria’s economic landscape and addressing its trade imbalance with China. Through innovation, technology transfer, and mutual cooperation, both nations are poised to achieve new heights of prosperity.
