NIGERIA: Most populous countries enjoy bilateral harmony

ng chinafrom AUGUSTINE OSAYANDE in Abuja, Nigeria

ABUJA, (CAJ News) – TRADE between China and Nigeria, Africa’s biggest economy, has ballooned over the past decade.

From a lowly bilateral trade volume of $2 billion in 2002, the volumes of deals between the two countries has increased to a yearly $23,5 billion in 2014, according to the  Nigeria-China Business Council

The Asian country is considered one of Nigeria’s closest allies and partners.

China is also one of Nigeria’s important trading and export partners.

Research by CAJ News established there are more than 300 Chinese investors currently doing business in Nigeria.

The trade between Nigeria and China accounts for nearly one third of the trade between China and West Africa, and this will continue to grow bigger, indicating the importance of Nigeria to China in the regional market.

However, the “flooding” of Nigerian markets with cheap Chinese goods has become a sensitive political issue, as – combined with the importation of second-hand European products – it has adversely affected domestic industries, especially in textiles, and led to closure of 65 textile mills and the laying-off of thousands of textile workers over the course of a decade.

Nigeria and China established formal diplomatic relations, referred to as Sino-Nigeria relations, on February 10, 1971- 11 years after Nigeria’s independence from Britain.

Relations between the two nations grew closer as a result of the international isolation and Western condemnation of Nigeria’s military regimes (1970s-1998).

The West African country has since become a key source of oil and petroleum for China’s rapidly growing economy and Nigeria is looking to China for help in achieving high economic growth.

China has provided extensive economic, military and political support.

In 2004 and in 2006, Chinese President Hu Jintao made state visits to Nigeria and addressed a joint session of the National Assembly of Nigeria. Both nations signed a memorandum of understanding on establishing a strategic partnership.

China has supported Nigeria’s bid for a seat in the U.N. Security Council.

Nigeria has developed close military cooperation with China, which has supplied arms, equipment, training and technology to the Nigerian armed forces.

China helped develop and launch the Nigerian communications satellite (NigComSat-1) by 2007 to expand cellular and internet networks in Central Africa.

The two countries are the most populous nations in their respective continents, coincidentally.

– CAJ News

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Posted by on Dec 4 2015. Filed under Africa & World, Exclusive, Featured, Finance, National, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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