China, Nige­ria trade im­bal­ance hits N1.67tr in 5 years

Daily Trust - - BUSINESS - By Fran­cis Arinze Iloani

The im­bal­ance in trade vol­ume be­tween the Peo­ples Repub­lic of China and Nige­ria has av­er­aged about N1.67 tril­lion in the last five years just as the vol­ume of trade be­tween both coun­tries rose by N2.43 tril­lion ($8.57 bil­lion) in six years.

The Min­is­ter of Budget and Na­tional Plan­ning, Sen­a­tor Udo Udoma, dis­closed this yes­ter­day dur­ing the 6th ses­sion of the Economic Trade and Tech­ni­cal Co­op­er­a­tion Joint Com­mis­sion be­tween the gov­ern­ments of China and Nige­ria held in Abuja yes­ter­day.

“There is an im­bal­ance in our trade re­la­tions,” Udoma told the Joint Ses­sion. “There is there­fore a need for mu­tual ef­forts to bridge the trade im­bal­ance be­tween the two coun­tries for the sus­tain­abil­ity of the co­op­er­a­tion frame­work.”

The Min­is­ter called on the Chi­nese gov­ern­ment to re­duce the high tar­iff on agri­cul­ture ex­ports from Nige­ria to China which cur­rently stands at five per cent.

The 5th Joint Com­mis­sion Ses­sion took place in Beijing in 2009 and since then, Udoma re­vealed ,how­ever, that trade vol­umes be­tween the two coun­tries leaped from N1.79 tril­lion ($6.37 bil­lion) recorded in 2009 to N4.23 tril­lion ($14.94 bil­lion) in 2015.

The two coun­tries ex­changed notes on fea­si­bil­ity study for the sec­ond phase of So­lar Powered Traf­fic Con­trol sig­nal which is lo­cated in Abuja.

They also ex­changed notes on Agri­cul­ture Demon­stra­tion Cen­tre and signed bi­lat­eral agree­ments on 2016 train­ing pro­grammes.

Nige­ria had at the 5th Joint Com­mis­sion Ses­sion in 2009 ob­tained a $2.5 bil­lion loan, which N500m was con­ces­sion­ary while China ob­tained an oil block from Nige­ria.

The Chi­nese Vice Min­is­ter of Com­merce, Qian Kem­ing, told the Joint Ses­sion that Chi­nese na­tion­als had in­vested over N3.68 tril­lion ($13 bil­lion) in Nige­ria over the years.

Mus­lims pur­chase food­stuff for Eid-el-Fitr cel­e­bra­tion in Kaduna yes­ter­day. Photo: Shehu Goro.

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