Buhari unhappy with Nigeria/China trade imbalance

President Muhammadu Buhari Tuesday in Beijing called on the Nigerian and Chinese business communities to work harder to reduce the trade imbalance between both countries which is currently in China’s favour.

Speaking at the opening of a Nigeria-China Business/Investment Forum, President Buhari said trade and economic relations between both countries must be mutually-beneficial and conducted with reciprocated respect and trust.

A statement by the president’s Special Adviser on Media Publicity quoted the Buhari as saying,
that “Although the Nigerian and Chinese business communities have recorded tremendous successes in bilateral trade, there is a large trade imbalance in favour of China as Chinese exports represent some 80 per cent of the total bilateral trade volumes. This gap needs to be reduced.

“Therefore, I would like to challenge the business communities in both countries to work together to reduce the trade imbalance.

“You must also imbibe the spirit of having a mutually beneficial relationship in your business transactions. You must not see Nigeria as a consumer market alone, but as an investment destination where goods can be manufactured and consumed locally,” President Buhari told the gathering.

Read also: Buhari at China/Nigeria Business Forum (Photos)

The President said that his administration was committed to supporting investors that were ready to establish manufacturing and processing facilities in Nigeria.

“Last year during our meeting in New York, President Xi Jinping and I agreed to explore ways of practical cooperation in trade, investment, finance, human resources, agriculture and fishing.

“We also agreed to strengthen industrial capacity cooperation in the manufacture of cars, household appliances, construction materials, textiles, food processing, and others.

“This is in line with our government’s focus on import substitution through the creation of a diversified and inclusive economy that will meet most of our consumption needs.

“Already, our Federal Ministry of Industry, Trade and Investment is working on projects and programmes that will correct the wrongs of the past and enhance the ease of doing business in Nigeria.

“The future is bright and I am very confident that our policies will make Nigeria the investment destination of your choice,” President Buhari told the Chinese investors.

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