The trade relations between Nigeria and China declined in 2016 to a record low, according to the Chinese Ambassador to Nigeria, Zhou Pingjian.

According to the Ambassador, Nigeria-China trade relations was $15 billion in 2015, but has since dropped to $3.1 billion in 2016. Pushing Nigeria down to fourth position from the second largest Africa-China trade partner.

Pingjian, who visited the House of Representatives Committee on Nigeria-China Relations said “Nigeria-China trade is declining fast. Nigeria used to be China’s number two trade partner in Africa, but it’s now number four.”

He however expressed confidence that the situation can be improved upon with focus and implementation of policy agreements reached by the two countries and commended Nigeria for supporting the ‘One China Policy’. “We need to follow up on the outcomes of the Forum of China-Africa Cooperation summit and President Muhammad Buhari’s state visit to China in April last year”, he said.

The ambassador disclosed that one of the fall-outs of the president’s visit was the construction of the Agricultural Training Centre in Bwari, Abuja by CGCOC to assist Nigeria’s diversification efforts.

Pingjian said with over $139 billion Foreign Direct Investment, China is interested and ready to expand investment in Nigeria and urged the government to create enabling environment for investors to come in.

“As Chinese ambassador to Nigeria, I wish a small part of the $139 billion could come to Nigeria”, he said, adding that as an ambassador he was willing to facilitate it.

Pingjian reiterated China’s commitment to Nigeria’s economic revival and as well as readiness to support the nation’s economic diversification efforts.

Similarly, CGCOC Group Managing Director, Ye Shuijin who called for improved security in the country, noted that Chinese firms in Nigeria were ready to make greater contribution to the socio-economic development of the country.

Shuijin, who also doubled as Chairman of the China Chamber of Commerce in Nigeria expressed the need for the establishment of a Strategic Master Plan by Nigeria and China to fast track industrialisation of the country.

“We have more than 20 industrial zones in Nigeria, we have funds abroad that can be brought into Nigeria for investment but it has to be strategically done”, he said.

The MD disclosed that in 2008 CGCOC ventured into mechanised farming in Wara, Kebbi State and today the company is one of the leading producers of rice accounting for about 50 per cent of rice production in Nigeria.

http://investorsking.com/nigeria-china-trade-declines-79-2016/

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Buhari sef

I dnt get it.

Is it that we have stopped importing tooth pick and other useless things ?

There was never a trade balance so if the trade decline that much, it might be good for the economy.

According to the Ambassador, Nigeria-China trade relations was $15 billion in 2015, but has since dropped to $3.1 billion in 2016. Pushing Nigeria down to fourth position from the second largest Africa-China trade partner.

Unfortunately, this does not tell the whole story. I would like to know the Import and Export component of such trade. If trade has gone down because Nigerians are IMPORTING less from China now and beginning to look inwards for self-sufficiency, then I think it is a positive rather than negative.
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If the Chinese wants more trade, let them send money this way.

Na change abi na chain

When there is no dollar to trade nko?

What happened to the almighty deal the failure master travelled with his leeching entourage to sign sometime ago?

1RMB used to be N32 - N36 under GEJ. Now if you get it for N75 you are lucky

Fighting corruption my aass

What foreign investors fear most is not being able to repatriate profits as at when do and this is the biggest undoing of the present administration.

Good news.

Make dem keep all their chinese product to themselves

Chinese these Chinese that..

And most of them are fake. Thanks to our brother from the other side

why is Nigeria going down under buhari's regime...i just taya

I pray wee keep going down like this so that we can discover another mineral resources.. shioor

Better. Lets start producing our own. Im tired of seeing made in china everywhere i turn.

I'm beginning to think Buhari intentionally ran away due to overwhelming problems he created.

He is now watching us on the TV like

Whatever happened to the RMB deal?

obiageIi:
Whatever happened to the RMB deal?

Good question, but who will answer it?

flyca:
What happened to the almighty deal the failure master travelled with his leeching entourage to sign sometime ago?

1RMB used to be N32 - N36 under GEJ. Now if you get it for N75 you are lucky

Fight corruption my aass

When the dullard of a president went abroad to bad mouth his own people,which investors would come again?

cc: omenkalives, modath, quotasystem, sarrki , madridguy

cardoctor:
Better. Lets start producing our own. Im tired of seeing made in china everywhere i turn.

Let's be producing with which electricity? Or you produce with generator when price of fuel has doubled? The raw materials you will import for production is triple the price it used to be due to exchange rates. Even the economic policies aren't favorable for production.
You produce and export to who? You think these developed country will buy from you?

.

Imports from China is reducing, that is good.

Bevista:
Unfortunately, this does not tell the whole story. I would like to know the Import and Export component of such trade. If trade has gone down because Nigerians are IMPORTING less from China now and beginning to look inwards for self-sufficiency, then I think it is a positive rather than negative.
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If the Chinese wants more trade, let them send money this way.

Not at all, Nigeria has little to nothing to export to China. The reason Nigeria-China trade dropped is forex scarcity, importers are lamenting. Hence, the reason the CBN institutes new forex policy 60:40 for manufacturers. Hopefully, the surge in oil prices will help bolster foreign reserves and reduce economic gridlock.

Note: the trade comprises mainly raw materials and not finished products.

Bevista:
Unfortunately, this does not tell the whole story. I would like to know the Import and Export component of such trade. If trade has gone down because Nigerians are IMPORTING less from China now and beginning to look inwards for self-sufficiency, then I think it is a positive rather than negative.
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If the Chinese wants more trade, let them send money this way.

Instead make you just view the thread comot without talking rubbish... but you sha wan talk something... has it not dawned on you that its because of the harsh economy that nigeriachina trade has dinminished. When has nigeria started looking inward for self sufficiency?

P

Hmmm.......it had better keep declining......if they need our money, they should come and work for it here......

And please rather than blame buhari for our apparent insatiable taste for foreign goods, I am yet to see anyone proffer a viable solution.

If you feel you have something that could help in this recession, let us hear it.

From my own understanding, until we start earning forex at levels similar to when crude sold for 110.....we are in for a long ride

We need china to raise our economics

tdayof:


You requested and paid for fake.

Hahahaha.. Are you from Pluto?

Do we still blame this one on Jonathan?? Or Buhari's Voodoo economics.......

.

Emefiele is an enemy of the Nigerian state

unmask:
Hmmm.......it had better keep declining......if they need our money, they should come and work for it here......

And please rather than blame buhari for our apparent insatiable taste for foreign goods, I am yet to see anyone proffer a viable solution.

If you feel you have something that could help in this recession, let us hear it.

From my own understanding, until we start earning forex at levels similar to when crude sold for 110.....we are in for a long ride

Shebi Lai Mohammed said one time, that after Buhari's visit to China, trade relations with China will increase, and the government offered to Change a significant portion of our reserves to Yuan so that people can import from China. After all we don't need dollar............

What has happened now?

Meanwhile Baba dey chop egg and bacon for London..........

With their yeye voodoo economics.........