Nigeria-China bilateral trade hits $2.7bn in 2017 ―Adetokunbo

The President of Abuja Chamber of Commerce and Industry (ACCI) Prince Kayode Adetokunto has stated that the bilateral trade cooperation between Nigeria and China recorded $2.7 billion cash flow between the two countries in 2017.

Speaking at the weekend in Abuja at the annual reception held by the Chinese Economic and Commercial Counsellor, Zhao Linxiang at the Embassy of the People’s Republic of China, the ACCI President noted the several milestones recorded in Nigeria in the areas of rail, airport and roads infrastructure development through a partnership between the two countries.

He said bilateral trade cooperation has enabled the two countries to support each other’s economy. “It is against this backdrop that, China-Nigeria bilateral trade cooperation record $2.7billion dollars as at 2017 which makes Nigeria the third largest economic partner of China in Africa”.

According to a statement from ACCI, Adetokunbo described the economic and diplomatic ties between China and Nigeria as one that has impacted positively on both nations emphasizing that it must be maintained.

“However the next stage of economic engagement between Nigeria and China must be about practical industrial development. We are ready to partner with China to establish Industrial Parks for various industrial sectors all over Nigeria”, he added.

He further stated that the China principle of matching one province with one state in Nigeria is a good attempt at the industrial development that will open and create more opportunities for Nigerians and impact positively on the industrial development of the country. This, he said is in the spirit of the Belt and Road Policy of the Chinese government which if implemented properly will further enhance close cooperation and indeed Chinese influence in Nigeria.

While advocating for win-win cooperation, he enjoined the Nigerian business community to work closely with China in areas of mining, agriculture, power, automobile, general manufacturing, telecommunication, science and technology which he said are driven by genuine technical touch.

Earlier in his speech, the Economic and Commercial Counsellor of the Embassy, Zhao Linxiang noted with satisfaction the cordial relationship between the countries pointing out that the more visible aspect of Nigeria’s relations with China is in the areas of construction-roads, airports and the railway financed through accepted liberal terms.

The Counsellor further said, to push forward the desire to overcome an immense infrastructural challenge, his country is spearheading efforts to support Nigeria through a funding arrangement that eases the pressure on the country’s financial situation.