China asks Nigeria to Expand Exports into its Vast Market

By March 12, 2018 Investment News

China has asked Nigeria to expand exports into the country as it plans to import products and services worth more than ten trillion dollars in the next five years.
Nigeria is China’s third largest trading partner in Africa, trailing behind South Africa and Angola. In return, China imports billions of barrels of crude oil from Nigeria annually.

Mr Zhao Linxiang, the Economic and Commercial Counsellor of the Chinese Embassy in Abuja, said expanding exports to China would boost Nigeria’s economy and balance the trade between both countries, which currently favours China.
Linxiang stated this while briefing newsmen Friday on “China International Import Expo” billed to hold from November 5-10, 2018 in Shanghai.
He said China welcomes products and services with strengths, characteristics and competitiveness into its vast market of 1.3 billion people.
He said Nigeria and China have complementary advantages in many sections, which offer great potential for cooperation.
The trade envoy expressed optimism that the forthcoming expo would give businessmen a great platform to show what Nigeria has to offer China and the rest of the world.
China, he said, would, in a few years, become the world’s biggest consumer market.
“If China increases imports from other countries, it will help many nations share in China’s rapid growth. It would help increase their economic growth, create jobs and also balance trade between the nations.”
He added that “The expo will not only provide new opportunities for countries around the world to expand export to China, but also create platform for countries to engage in international trade and share business opportunities with each other.”
Meanwhile, Luke Liu, the mission’s commercial secretary, appealed to the Nigerian government to improve its investment environment to attract investors.
He listed erratic power supply and lack of foreign exchange, including noticeable infrastructural deficits in the country as among the factors discouraging foreign investments.

Source: Dailytrust