Nigeria Set To Access China’s $10bn Trade
By Franklin Alli
 29th NOV 2006

The Director, Centre for Trade Practitioners, Prince Lekan Fadina, said the country should be prepared to benefit from over 10 billion dollars for development of bilateral trade with China being offered to 11 African countries.

This was his reaction to the recently held forum on China- Africa cooperation which was attended by President Olusegun Obasanjo, the Chinese President Hu Jintao, along with 41 Heads of State of Government in Africa. 

At the summit, China pledged to offer the following, among others, to Africa: US$5billion China-Africa development fund to encourage Chinese companies to invest in Africa and provide support to them; double its 2006 assistance to Africa by 2009; provide US$3 billion of preferential loans and U5$2 billion of preferential buyer’s credits to Africa in the next three years; opening China’s market to Africa by increasing from 190 to 440 the number of export items to China etc.
The African countries involved are Egypt, Ethiopia, South Africa, Nigeria, Kenya, Ghana, Zambia, Uganda, Seychelles, Lesotho and Cape Verde. These agreements included contracts to build a rural telephone system in Ghana, aluminum factory in Egypt and highway in Nigeria.   
 
According to Prince Fadina, China is offering so much to Africa, and Nigeria had better be prepared to utilise the bilateral development funds.
On what the country should do to be competitive, he advised “I believe that a lot can be done in furthering China and Africa cooperation. Nigeria must put her axes together, seize the opportunities offered by China and be ready to lead African in this globalization era. We can not afford to be left behind as other African countries are also competing with us for technology and part of the Chinese market.”

He further noted “Nigeria will need to address the issue of standard, quality, packaging, marketing of its products, arts, culture, tourism and service to China. The recent produce inspection of Nigerian exports to China by the Federal Ministry of Commerce is a step in the right direction. However, a lot will need to be done especially in identifying the Nigerian competitive advantage and building on it. We need to invest in more knowledge based programmes, such as the customs, quarantine requirements, language, relationship, marketing and language of global trade.”

Back to Top
Post Your Feedback