One of the biggest economic challenges Nigeria facing Nigeria today is its reliance on foreign imports of goods and services to survive. Even for its nascent manufacturing industry, it requires imports in the area of technological transfers, raw materials input and even tools and equipment required for manufacturing.
This problem was again brought to light in a statement credited to the Chargé d’Affaires of the Chinese Embassy in Nigeria, Qin Jian, at an event celebrating the 45th anniversary of diplomatic relations between Nigeria and China.
“Last year, President Xi met with President Muhammadu Buhari in New York and Johannesburg respectively. The two leaders exchanged views on bilateral cooperation and issues of common concern, reached wide-ranging consensus, and charted the direction of future development of China-Nigeria strategic partnership.
“Now, Nigeria has become the largest engineering contracting market, the second largest export market, the third largest trading partner and major investment destination of China in Africa.”
According to the National Bureau of Statistics, Nigeria’s import from China was a total of N4.2 trillion for the period January 2013 to September 2015. Contrast to total exports of N547 billion within the same period. President Buhari has also claimed that China is important to its developmental goals this year.
“Africa expects Chinese investment flows to the real sector of our economies to promote African enterprises. Our over-riding objectives are to tackle the challenge of unemployment, wealth creation, food security and industrialization.” President Buhari said