The trade balance between Nigeria and China grew to N7.54 trillion in the first nine months of 2023.
The PUNCH reported that Nigeria’s imports from China have steadily increased over the past year, indicating a growing bilateral trade imbalance in China’s favour, according to an analysis of data from the National Bureau of Statistics.
Nigeria purchased N8.4 trillion worth of commodities from China in the nine months between January and September 2023, according to an examination of the Bureau’s foreign trade statistics.
According to a breakdown, the country imported produce valued at N1.29 trillion in Q1, N2.56 trillion in Q2, and N4.53 trillion in Q3.
Additional information from the NBS data for the first nine months of 2023 reveals that Nigeria’s exports to China were valued at N126.61 billion in Q1, N251.8 billion in Q2, and N482.4 billion in Q3, for a total of N860.82 billion with significant deficits during the period.
Minerals, metals, agricultural products, crude oil, and agricultural products are Nigeria’s principal exports to China.
According to a report by China’s Custom agency in 2021, Nigeria ranked first among African countries purchasing products from China, with imports totaling $23 billion (about N9.6 trillion), or 16 percent of all imports from China made by the continent.
However, the country’s $3 billion (about N1.3 trillion) in exports to China during that time did not place it among the top five African nations in terms of exports to China.
According to experts, Nigerian enterprises’ low production capacity and competitiveness are reflected in their ongoing trade imbalance.
When the Minister of Industry, Trade, and Commerce, Doris Aniete, appeared before some senators last week to defend her ministry’s budget, she was questioned about the status of the country’s trade balance, particularly with China. As a result, she came under fire.
“What is our balance of trade, especially with China? Those countries importing things to Nigeria are expected to build factories in Nigeria,” the Senator representing Edo North, Adams Oshiomhole, questioned.
“We have to take advantage of our population to grow our industries.”
The minister informed the joint panel, nevertheless, that her ministry had not yet received such a record.
“We created a new unit named the trade intelligence unit to ensure that such data are generated and stored, Sir. I regret to inform you that we do not appear to have a record of our balance of trade, or at least it is not in the ministry,” Uzoka stated.
