Nigeria, China to strengthen trade relations

Poised to improve trade relations, showcase the latest technologies and innovation as well discover new markets, the Lagos Chamber of Commerce and Industry (LCCI) has partnered with the China Foreign Trade Center (CFTC) for the 137th bi-annual Canton Fair.

Slated to be held from April 15 to May 4 in Guangzhou, China, the LCCI president, Gabriel Idahosa, said the chamber is proud to be associated with a trade fair of this magnitude that would expose hundreds of Nigerian businesses, manufacturers and producers to their Chinese counterparts.

Optimistic that businesses would gain a lot from the fair, he expressed confidence that new markets and opportunities would be birthed from active participation.

President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, said it is a positive step when businesses and manufacturers from different countries meet to exchange ideas and opportunities, he noted that Nigeria is China’s biggest trading partner in Africa. Noting that the trade balance is currently in favour of China, he expressed optimism that this would balance out with time, more so as Nigeria improves in local manufacturing and value addition to exported goods and produce.

Director of Economic Trade, Federal Ministry of Foreign Affairs, Bolaji Akinremi, noted that both countries have enjoyed a strategic relationship over the years and last year, decided to elevate the relationship to a comprehensive strategic one.

He said very soon, the House of Representatives would pass a legislative agenda on China-Nigeria relations to deepen trade relations between both nations. Noting that more Nigerians are learning Mandarin, and many Chinese are also learning Nigerian languages, he said trade ties are only going to get stronger shortly.

Listing reasons why the fair would be beneficial for Nigerian businesses, he said the fair is a global trade hub and because of its diversity has almost all industries represented.

“It would help with market expansion, bilateral economic expansion as well as networking and partnership development. The visa process has been simplified for Nigerian business owners who would attend. Nigeria is one of China’s major trade partners in Africa and events like this help strengthen trade ties. It would also assist our non-oil trade ambitions, help with policy alignment, support of local enterprises, economic diversification and help move Nigeria from oil dependence as well as strengthen our bilateral agreements.”

Giving details of the fair, Operations Director, CFTC, Xu Jiansheng, expressed appreciation to Nigerian businesses for their support over the years, saying over the last 68 years, the fair has been held twice yearly without fail and many companies that started with them over the years have grown tremendously and have come to be fondly referred to as ‘A bond of friendship, a bridge for trade’.

Describing it as the largest exhibition in the world, he said Nigeria has continually ranked first among African countries in terms of both online and onsite buyer attendance at the fair as its large scale and countless products make Nigerian businesses keep returning yearly. He said the advantages of China’s large market and complete industrial system are obvious and the fair is a reflection of their strong manufacturing capabilities and willingness to trade with Nigeria. He said aside from benefiting from Chinese manufacturing, the fair offers a fast track for products of other countries, including Nigeria, to penetrate Chinese and the world markets.

He said to aid buyers gain easy access to the fair, they are increasing international flights to China, optimised their visa policy and adopting more convenient payment systems.

“At the November edition, we had 253, 000 buyers from 214 countries and we want to improve on this numbers this year. The fair this year will hold in three phases, with 55 exhibition sections and over 30, 000 exhibitors. Phase one will feature advanced manufacturing, phase two will feature quality home furnishing while phase three will feature China’s latest technology and smart products, emerging sector products and consumer goods.”