Nigeria and China plan to increase their $12 billion annual trade

• The Nigerian government has made a formal request to have agricultural products, including chili pepper and peanuts, removed from China’s Protocol Lists to expand non-oil exports between the two nations. 
• The heads of the Nigerian Export Promotion Council and the Ministry of Industry, Trade, and Investment expressed their dedication to enhancing the partnership with China to boost commerce, which is currently valued at $12 billion yearly. 
• Nigeria’s NEPC will inaugurate an Export Trading House in China as part of a plan to increase trade.

To improve Nigeria’s non-oil exports and expand commerce with China, the Nigerian government made a formal request on Sunday to have Nigerian agricultural products removed off the Chinese Protocol Lists.

According to Channels News on Sunday, Ezra Yakusak, the MD/CEO of the Nigerian Export Promotion Council (NEPC), revealed this during a meeting with Guo Ning, the deputy director general of the department of commerce in the Hunan province, and Yang Mingwei, the inspector of the department of commerce in the province. This report is courtesy of Nairametrics, a Nigerian business publication.

The two nations hope to enhance their $12 billion yearly commerce during the summit, which takes place before the China-Africa commerce Expo later this year.

Nigeria has been named a “Country of Honour” by China, according to representatives of the Chinese government.

Yakuzak, the head of NEPC, expressed appreciation for the new classification for Nigeria and urged a review of the prohibition on the import of specific Nigerian goods from China, as part of a partnership to increase non-oil profits and foster technology transfer between the two nations. He stated, ” We are aware that some goods have been placed on protocol lists here in China, goods from Nigeria, specifically, chili 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.”

The governments of Nigeria and China decided to increase commerce, which the Nigerian government estimates to be worth about $12 billion.

Dr. Evelyn Ngige, the Permanent Secretary of the Ministry of Industry, Trade, and Investment, revealed this during the conference for the promotion of trade and investment between China and Nigeria, which was put on by the Changsha Municipal Bureau of Commerce.

Dr. Evelyn Ngige, who was represented by Mr. Suleman Audu, Director of Trade, stated that the Nigerian Government remained dedicated to provide a durable platform for collaboration and the mutual benefit of both nations, stating that Nigeria has finalised plans to enhance the partnership, which includes exhibition.

The Nigeria Export Promotion Council (NEPC) will also inaugurate the Export Trading House in China between April 19 and April 22. The China-Africa Economic and Trade Expo (CAETE) is slated to take place in Changsha, Hunan, China between June 29 and July 2.

According to a recent study by Nairametrics Research, Nigeria had a total trade imbalance with China in the previous five years of N18.3 trillion, or an astounding $40 billion in net foreign currency outflows to the second-largest economy in the world.

Over the past five years, China has accounted for 38% of all imports to Nigeria, making it the country’s main import source.