Key highlights:
- China designates Nigeria as a “ Country of Honour” for trade and diplomatic relations.
- FG wants Nigerian agriculture exports including pepper and peanuts removed from Chinese Protocol lists.
- Removal of goods from the protocol list will boost Nigerian non-oil exports according to NEPC.
The Nigerian Government on Sunday officially requested the removal of Nigerian agricultural produce from the Chinese Protocol Lists in order to increase Nigeria’s non-oil exports and boost Nigeria’s trade with China.
This was disclosed by Ezra Yakusak, the MD/ CEO of the Nigerian Export Promotion Council (NEPC) on Sunday in a meeting with Guo Ning, Deputy Director General, Department of Commerce, Hunan Province and Yang Mingwei, the Inspector, Department of Commerce, Hunan province reported by Channels News on Sunday.
The meeting comes ahead of the China – Africa Trade Expo due to be scheduled later this year as both countries seek to increase their $12 billion annual trade.
Protocol list
The Chinese Government officials revealed that Nigeria is now designated a “Country of Honour” by China.
Yakuzak, the NEPC boss said he appreciates the new designation for Nigeria and called for the reconsideration of the ban of some Nigerian products from China into Nigeria, in the collaboration which is exported to boost non-oil earnings and develop technology transfer between both countries, adding:
- ” We are aware that some goods have been placed on protocol lists here in China, goods from Nigeria, specifically, chilli pepper, peanut and other products.
- “We are urging you to reconsider removing those goods from the protocol list so that we would have the opportunity of exporting the goods with China.”
Guo Ning, Deputy Director General, Department of Commerce, Hunan Province said China is interested in working with relevant agencies between both countries to boost trade, she added that to further China- Nigeria trade, the Chinese government also requires approval for the establishment of a Chinese- Nigeria export trade house.
Yang Mingwei, the Inspector, of the Department of Commerce, Hunan province noted that increasing trade with China could enable Nigeria to prevent Foreign exchange shortages and also prevent the risk of FX fluctuations, adding that Chinese companies can also store some of the goods in warehouses in Nigeria.
Backstory
Recall Nairametrics reported last week that the Nigerian and Chinese Governments agreed to boost the volume of trade between both countries which FG says is over $12 billion.
This was disclosed by Permanent Secretary, Ministry of Industry, Trade and Investment, Dr Evelyn Ngige at the China-Nigeria Investment Economic and Trade Promotion Conference organized by Changsha Municipal Bureau of Commerce.
Dr Evelyn Ngige, represented by the Director of Trade, Mr Suleman Audu said the Nigerian Government remained committed to providing a sustainable platform for cooperation and mutual benefit of both countries, citing that Nigeria has concluded plans to deepen the relationship, which includes expo.
The expo titled China-Africa Economic and Trade Expo (CAETE) is scheduled to hold in Changsha, Hunan, China between June 29 and July 2, adding that the Nigeria Export Promotion Council(NEPC) would also launch the Export Trading House in China between April 19 and April 22.
Nairametrics Research reported recently that Nigeria recorded a combined trade deficit of N18.3 trillion with China in the last five years, equivalent to a staggering $40 billion in net forex outflows to the second-largest economy in the world.
China accounts for 38% of all imports to Nigeria over the last 5 years, making it the dominant destination for Nigeria’s imports.
