China will soon begin to import goods from Nigeria, Godwin Emefiele, Central Bank of Nigeria (CBN) governor has said. It is expected that the move will help narrow the very wide trade gap between the two country.

Emefiele said the federal government is “talking with China” so it would also be “importing some of its own items from Nigeria”.

Speaking at a press conference at the World Bank headquarters in Washington, on the last day of the 2016 World Bank/IMF spring meeting, he also said part of Nigeria’s deal with China is that the country becomes the Asian country’s trading hub in West Africa.

“China has appointed South Africa as its trading hub for Remnibi transactions in the south African region, has appointed Kenya as its trading hub for east and central Africa,” he said.

“And Nigeria, the mandate that we signed is for us to be appointed as the trading hub in the West African sub region. In all, we expect that it is going to be mutually beneficial.

“We are talking to China so that it would also be importing some of its own items from Nigeria, so that the trading balance can be sort of reduced.

“Will Nigeria benefit from this? I want to say categorically that Nigeria benefits from this. It’s less pressure on the dollar and consequently on our reserves.”

Emefiele added that the CBN could not continue with indeterminate adjustment (devaluation) of the currency, without taking necessary structural reforms.

“For the first time, we are taking structural reforms seriously in the country. We’ve always talked about, oh, when you do an adjustment, follow it up with structural reforms.

“But we are saying this time we’ve done an adjustment and we are following it up with structural reform, where we are saying we must diversify the economy away from depending on oil.

“I’ve said it that we have seen people who are coming in an investing, during the china trip, we saw people who said they can now come in instead of exporting those items into Nigeria, they can now bring those plants into Nigeria and begin to produce those things in Nigeria because our climate is good,” he said.

yhemsy62:
I have the believe, Nigeria will be a great nation under this administration.

tit:
"china to start importing some of their items"


ha ha ha ha

so it will be cheaper than the one wey them make for their side?

ha ha ha ha
this zombie supporter of APC emefiele wan make me laff ooo
but i is not finding it funny.

yungryce:
in emefiele dreams abi. abi we wan export back d tins we import from them?

989900:


It means some of them factories we import from, from China, will establish here.

yungryce:




In in all, we expect that it is going to be mutually beneficial. “We are talking to China so that it would also be importing some of its own items from Nigeria, so that the trading balance can be sort of reduced. “Will Nigeria benefit from this? I want to say categorically that Nigeria will from this. It’s less pressure on the dollar and consequently on our reserves, he said.”

989900:
@Mo: I think we had this discussion some while back, but they need stable power supply to make this work.
It's time for the gov't and the people (all of us) to go hard on pipeline vandals!

princemillla:
Have started talking to my Chinese suppliers already and am having all my quotes in Renmimibi instead of dollars.

Just waiting for the yuan availability to kick start. Am going to hit it seriously hard on this one

dearsly:


Ow u de take make am happen?...wud luv 2 buy a lot of stuffs in bulk but not dos ones I normally c...like 500pcs min....need sumfink lik 5pcs to 15 pcs...

princemillla:


Depends on what you want tho. U can easily chat any of the on alibaba

globalresource:
Nice move. I'm optimistic about this government.

princemillla:
Have started talking to my Chinese suppliers already and am having all my quotes in Renmimibi instead of dollars.

Just waiting for the yuan availability to kick start. Am going to hit it seriously hard on this one