Nigeria Target Becoming No.1 Net Exporter to China in the Next Five Years

By: Michael Mike

Nigeria has said its target is to become net exporter to China in the next five years, overtaking Brazil which currently stands atop the list with the net export of $104.32 billion.

The country’s ambition was revealed by the Director General, China-Nigeria Partnership, Joseph Tegbe on Thursday at the China-Africa Economic and Trade Expo in Abuja,

Tegbe recalled that Nigeria presently has an export $22.6 billion, however said that the narative is about to change with the latest upgrade of China-Nigeria relations into partnership.

Brazil export to China, according to the United Nations COMTRADE database on international trade in 2023.

Tegbe. who spoke at the opening of the China-Africa Economic and Trade Expo in Abuja, said: “One of our primary goals is to increase trade volume between Nigeria and China. As of December 2003, trade volume between Nigeria and China was over $22 billion

“But on the other hand, when you look at Brazil and China’s relationship, today, Brazil ranks as China’s ninth largest trading country. And during this same period, Brazil’s export to China in 2023 was $105 billion. While China’s export to Brazil was just $59 billion. Thus making Brazil a net exporter to China.

“Distinguished ladies and gentlemen, this is our desired position as a nation. For us, the next five years, to push our trade volume between China and Nigeria higher than what it used today and for Nigeria to become a net exporter to China.

“It is also worth noting that industrializing Nigeria means industrializing 25% of Africa. An economically sound and stable Nigeria signifies a prosperous continent of Africa”

He also disclosed that no fewer than 1200 Nigerians are trained yearly by the Chinese firm, Huawei, as a pointer of the new things to come.

Currently, he also said 30 Nigerian officials, drawn from diffferent sectors of the economy are undergoing training.

He said: “The Nigerian-China Strategic Partnership is already making results. As of today, one of China’s companies, Huawei, trains an average of 1,200 Nigerians every year in Nigeria.

“As we speak, 30 Nigerian officials, drawn from various ministries, departments and agencies, are in China, undergoing an intensive training on the governance of China and the strengthening of economic development between China and Nigeria.”

Tegbe stressed the place of Nigeria in the continent, saying: “It is also worth noting that industrializing Nigeria means industrializing 25% of Africa. An economically sound and stable Nigeria signifies a prosperous culture of Africa. “

Speaking on the Expo, the Chinese Ambassador to Nigeria, Yu Dunhai said: “This exhibition is an important event organized to implement the outcomes of the Beijing Summit Forum and the consensus reached between our two heads of state. I am pleased to see that this exhibition brings together many outstanding entrepreneurs and innovators in a wide range of fields, including engineering, contracting, advanced manufacturing, biotechnology, energy conservation, environmental protection, and green energy.

“Through the exhibition and exchanges, we believe it can play an important role in further promoting the process of industrialization and agricultural modernization in Nigeria, and facilitate in-depth cooperation between our two countries in all fields.”

On his part, the Chairman, China International Contractors Association,Mr Fang Qiuchen, revealed that Chinese firms are mobilising funds to invest in Nigeria as a fallout of the recent FOCAC summit.

He said: “We want to be together to work on the infrastructure, on the projects, especially on the new energy projects, as well as the digital smart cities, many renovation projects.

“So we are here, we’ll bring the capital, we’ll bring our technology, we’ll also bring the very genuine, honest, we want to collaborate with the Nigerian partners for a very pragmatic cooperation to do some of the works here so that we can grow together to benefit the economic and social development of Nigeria”.

On the funding of infrastructure, Fang said: “So China is also working with a consortium of all the banks together, African banks and China Development Bank. We want to work together to financing more of the projects here in Nigeria, so that they can benefit the economic development.”

Though, he failed to disclosed the amount they are bringing in, he noted that: “The investment we can see is huge, I should say, because the projects are not small, because it’s infrastructure.”

He also added: “As the new round of scientific and technological revolution and digital transformation is on the way, green development and the digital economy have emerged as new engines driving economic growth, presenting vast opportunities for cooperation in green and sustainable infrastructure. Both China and Nigeria are actively exploring the use of advanced technologies, such as big data, cloud computing, and Al, to enhance the intelligence and automation of infrastructure. The integration of digital technology with new infrastructure, the blue economy, and agricultural modernization has emerged as a focal point for cooperation. Furthermore, renewable energy projects, including solar and wind, are gaining increased attention worldwide, further advancing the development and utilization of the clean energy.

“These emerging characteristics and trends not only facilitate the transformation and upgrading of infrastructure cooperation between China and Nigeria, but also inject new impetus for mutual benefit and shared development.”

He also revealed that the Expo is a fallout of the recent Beijing Summit, which aimed to “effectively accelerate the infrastructure cooperation between China and Africa.”

He revealed that: “We planned to hold the China Engineering and Technology Expo and the China-Nigeria Infrastructure Cooperation Forum here in Abuja this year, at the same time, to further strengthen the mutual understanding and trust between the engineering companies of the two sides while exploring new areas and potential opportunities for further cooperation.

“We believe that through the elevation of the bilateral relationship to the comprehensive strategic partnership, and through our joint efforts, the bilateral infrastructure cooperation will for sure yield more fruitful results in the days to come.”

Nigeria Target Becoming No.1 Net Exporter to China in the Next Five Years