The Federal Government has reaffirmed its commitment to reducing Nigeria’s trade imbalance with China by maximising the opportunities provided under China’s zero-tariff policy and expanding the country’s exports to the Chinese market.
Nigeria’s Ambassador to China, Abdulrahman Dambazau, made this known on Thursday during an interview with members of the Nigerian delegation participating in the African Mainstream Media Workshop organised by the International Department of the Communist Party of China in Beijing.
Dambazau revealed that bilateral trade between Nigeria and China is currently valued at about 28 billion dollars, with Nigeria accounting for only about three billion dollars of the total trade volume.
He described the imbalance as a major concern, stressing the need for deliberate efforts to boost Nigeria’s export capacity and improve its share of bilateral trade.
According to the ambassador, China’s zero-tariff policy offers significant opportunities for Nigerian businesses to increase exports, provided they understand and comply with the policy’s requirements.
“We have to study the policy itself, understand the conditions and requirements, and then take the information to our farmers, traders and exporters so they can take advantage of it,” Dambazau said.
He disclosed that the Nigerian Embassy in China had already begun engagements to examine the implementation framework of the policy and raise awareness among relevant stakeholders.
The ambassador emphasised that Nigeria must strengthen local production, improve product quality and increase value addition to fully benefit from the initiative.
He added that the embassy would continue to collaborate with relevant government agencies and the private sector to ensure Nigeria derives greater economic benefits from its growing partnership with China.
Source:NAN
