Nigeria is requesting manufacturers in China to consider moving their factories to produce in the country in order to quicken its industrisation efforts.
The former Minister of Industry, Trade and Investment, Mrs. Nike Akande, bore the minds of the government during the China-Africa (Nigeria) Production Capacity Cooperation symposium held at the Lagos International Trade Fair (LITF) complex, which had the theme: ‘Enhancing Economic Growth Through Sustainable Partnership.’
Akande said that China moving their factories to produce in Nigeria would aid the Nigerian government and people to improve their production capacity, provide jobs for the teeming population and improve the nation’s economy.
She said that China has been a significant trade partner to Nigeria, noting that as of 2022, the bilateral trade volume between China and Nigeria reached $23.9 billion, with China’s exports to Nigeria amounting to $22.3 billion and imports from Nigeria totaling $1.6 billion.
In Picture: (5th from left) The Consul General of the People’s Republic of China in Nigeria, Ms.Yan Yuging, and other dignitaries at the event.
“In the first three quarters of 2023, bilateral trade stood at $17.25 billion, with exports to Nigeria being$15.67 billion and imports from Nigeria at $1.58 billion.
This marked a 22.5 per cent increase in imports from Nigeria compared to the same period last year,” she said.
She affirmed that Nigeria has become China’s second-largest trading partner in Africa, while China is Nigeria’s largest global source of imports.
The Consul General of the People’s Republic of China in Nigeria, Ms.Yan Yuging, said despite the unprecedented changes globally, faced with a complex and ever-changing international landscape, China and Nigeria have continued to stand together, seeking mutual development and continuously writing new chapters of practical cooperation.
Yan added that China launched the “Initiative on supporting Africa’s industrialisation’’ to focus on urgently needed areas of the continent’s modernisation.
She said globally, her country signed cooperation documents with more than 150 countries and more 30 international organisations.
“A large number of infrastructure projects and projects benefiting the people will be implemented gradually,’’ she stressed.
Similarly, the Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Olusola Obadimu, added that the dynamic trade relationship between both countries has become a focal point in the global economy, characterised by mutual benefits and extensive opportunities.
“Sustainable partnerships hold the key to a prosperous and equitable future and would further strengthen China-Africa trade relationship,” he said.