Nigeria, China To Boost Trade, Economic Relations

By Miriam Humbe

The Federal Government is to deepen trade and economic relations with the People’s Republic of China for the mutual benefit of both countries.

This is aimed to build on the volume of trade between Nigeria and China which stood at over 12.03 billion US Dollars as at 2021.

Permanent Secretary, Federal Ministry of Industry, Trade and investment, Dr. Evelyn Ngige said this on Monday in Abuja when the Deputy Director General, Department of Trade, Ministry of Commerce of the People’s Republic of China, Mr. Zhang Guanbin visited her.

Both countries agreed that “Nigeria is a land of great opportunities with Natural resources and favorable climate conditions for industrial development and these resources are available to be explored.”

Dr Ngige said the Ministry was pivotal in Nigeria’s economic development, through the promotion of the non- oil sector which had strengthened economic diversification, domestic and international relations, and a significant bilateral trade between Nigeria and China, as well.

Mr. Zhang Guanbin appreciated the efforts of the Federal Government at practical cooperation that existed in Trade with Nigeria.

He also suggested a working group between Nigeria and China, would help achieve greater results.

He said that Chinese investors in Nigeria believed in Nigeria’s business environment and sought to enlarge their business investment in Nigeria.

He promised that China was working on the implementation of the agreements reached by the high level leaders of the two countries.

He therefore extended a formal invitation to Nigerian Government for participation at the International Co-operation Forum in China scheduled to hold in October 2023.

Regarding the working group,
Director Trade in the Ministry, Mr. Suleiman Audu said that the Ministry had put in place processes of re-invigorating the working group in Trade, proposing a formation of a technical committee to clarify a number of issues and build consensus.

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