FG laments $20b trade deficit with China

Director General and Global Liaison for the Nigeria-China Strategic Partnership, Joseph Tegbe, has expressed concern over the country’s trade deficit with China, which, according to him, stands at $20 billion.

He, however, said government was working to reverse this trend and become a net exporter to China within the next five years. Tegbe stated this, yesterday, during the opening ceremony of the China-Nigeria Infrastructure Cooperation Forum, China-Africa (Nigeria) 2024 and 18th China Engineering and Technology Exhibition held in Abuja.

According to the DG, the trade volume between Nigeria and China was about $22 billion as of December 2023, with imports from China accounting for close to $20 billion. He said that in contrast, Brazil, which is China’s ninth largest trading partner, exported $105 billion to China in 2023, while China’s exports to Brazil were valued at $59 billion.

Tegbe said: “As of today, China accounts for just 10 per cent of the world arable land, but has successfully solved the food problems of over 1.2 billion people, accounting for 15 per cent of the world population, while Africa accounts for 60 per cent of the world arable land, but we are still facing food challenges.

“This new dawn presents an opportunity to be part of this opportunity for food security resolution in Africa, using advanced Chinese method, techniques and technology.”