Nigeria, China Customs sign MoU to enhance trade relations

The Nigeria Customs Service (NCS) has signed a memorandum of understanding (MoU) with the General Administration of Customs of the People’s Republic of China (GACC) to boost both countries’ import-export operations and favour the businesses of micro small and medium-sized enterprises (MSMEs) in Nigeria.

The agreement was signed by the Comptroller-General of NCS, Adewale Adeniyi, and the Vice Minister of the General Administration of Customs of the People’s Republic of China, Wang Lingjun, during the sixth World Customs Organisation (WCO) Global Authorised Economic Operator (AEO) Conference, held between May 8 and 10 in Shenzhen.

Adeniyi, who led some of his management team, highlighted the significance of knotting bilateral affiliation with China, noting that the agreement will also foster bilateral relationships for the enhancement of economic growth.

He applauded the recent exponential rise in the development of e-commerce, adding that a lot of Nigerian companies and Small and Medium-sized Enterprises (SMEs) take advantage of the opportunities aided through e-commerce.

Adeniyi expressed optimism that the NCS-GACC partnership will serve as a critical component of cooperative security and trade relationship between both nation’s Customs agencies.

He said it would create a cooperative mechanism for collaboration on supply chain security standards and enhance the economic stability of both nations.

“These are some of the many reasons why NCS pays attention to what is happening in China. As you have said, China is making the biggest trade in Nigeria, and the basic context of international trade is ‘your export is our import’. I appreciate the numbers that you gain in Nigeria. But it is also common knowledge that those numbers sometimes must take account of the large volume of informal trade that exists between us,” Adeniyi said.

On his part, Lingjun, who represented the Vice Minister, Sun Yuning, signed the MoU on behalf of the People’s Republic of China and expressed satisfaction over the Nigeria Customs leadership vision.

He said the affiliation between the two agencies will serve as a mechanism for creating opportunities that Nigeria and China share on a wide range of economic issues and trade facilitation.