Nigeria Government Urges China To Reduce Exports Tariff

As the current trade between the Nigeria and China increased to $5.9 billion in the last five  years. Nigeria Government has urged China to reduce the 5 per cent tariff placed on Nigeria’s agricultural exports to China.

The volume of trade between the two countries rose from $6.37 billion in 2009 to $14.94 billion in 2015 due to China’s increased investment in a number of sectors.

Minister of Budget and National Planning, Senator Udoma Udo Udoma, said this at the 6th session of the Economic Trade and Technical Cooperation Joint Commission held between Nigeria and China in Abuja recently.

According to him, the reduction will help narrow the trade imbalance between the two countries and encourage the export of agricultural products from Nigeria to China.

He said, “there is need for mutual efforts to bridge the trade imbalance between the two countries. I am pleased to inform you that the Nigerian private sector is gearing up to participate in business opportunities in China and to tap into the current efforts of government to increase exports to China so as to bridge the current trade imbalance.

“In this regard, I wish to call on the Chinese government to reduce the tariff on agriculture exports from Nigeria, which currently stands at 5 per cent. A reduction in tariffs will contribute to narrowing the trade imbalance between the two countries as it would encourage more exports to China from Nigeria.”

Also speaking, Mr. Qian Keming, Vice Minister of Commerce of the Peoples Republic of China, applauded the Nigerian government’s efforts at stamping out corruption and insurgency as well as improving the socio-economic life of its people.

Keming said: “This gives us further confidence in strengthening cooperation with Nigeria in moving forward.

“This session is significant to implement the outcomes of the state visit and concession visit between the two leaders and further promote the trade and economic cooperation between the two countries.’’

He said Nigeria had become China’s largest investment destination and its largest project market in Africa.

“The investments made by China’s enterprises in Nigeria in various sectors have exceeded $13 billion and the accumulation of projects completed has exceeded $33 billion. The tie has led to oil development, industrial construction, transport, ICT, financial services and aero-space development in Nigeria.’’