ENL Consortium, Sinoma Cargo sign agreement to boost Nigeria-China trade

Sinoma Cargo International Nigeria Limited has signed an agreement with Nigeria’s terminal operator, ENL Consortium Limited, to boost trade between China and Nigeria.

The agreement was signed in Lagos at the fifth China-Nigeria Logistics Special Line Platform Supply Chain Conference, which was attended by terminal operators, shipping lines, importers, exporters and traders from both two countries.

The Commercial Consul of Consulate-General of the People’s Republic of China in Lagos, Guo Pengwen, noted that the existing bilateral relationship between Nigeria and China has huge potential to increase trade volumes between the countries.

“China-Nigeria special line logistics is also promising. In international trade, logistics is a very important link, which plays a very important role in the cost, safety, convenience, and timeliness of international trade. The superposition of international geopolitical conflicts, the epidemic of the century and the changes of the century have led to violent fluctuations in the global supply chain and the cost of international logistics and warehousing has risen sharply.

“To build a new development pattern of domestic and international dual circulation, it is necessary to make up for the shortcomings of international logistics as soon as possible and create a global supply chain logistics system that works for us,” the Commercial Consul said.

In her presentation, the Executive Vice Chairman/Chief Executive Officer of ENL Consortium, Princess Vicky Haastrup, recounted how the trade relationship between Nigeria and China has evolved since the 1970s.

She said, given these trade relations, the rise of the Chinese economy has changed the direction of Nigeria’s trade and investment from its traditional trading and investment partners such as the United States and Western Europe toward China, India, and Brazil.

“This is not unconnected with the agreement signed between the two countries on the establishment of the China Investment Development and Trade Promotion Centre in Nigeria and the Nigeria Trade Office in China.

“The operations of Chinese companies within Nigeria’s territory especially in areas of oil and gas, electric power, construction, real estate, and telecoms have further strengthened bilateral cooperation between the two countries,” she said.

Haastrup regretted that Nigeria’s effort aimed at increasing its export to China has been limited by failure to develop exportable commodities, coupled with a poor competitive position.

Also speaking, the Chairman of the Nigerian Ports Consultative Council, Kunle Folarin, expressed optimism that Nigeria-China trade relations will continue to grow, considering the huge economic potentials of both countries.