Nigeria and China have partnered to boost agricultural exports from Nigeria to China amid the significant trade deficit of $18 billion between the two nations.
This was disclosed by the Executive Director of the Nigerian Export Promotion Council, Nonye Ayeni on Monday during a collaborative meeting between the Council and the Department of Commerce of Hunan province, China in Abuja, according to Businessday.
Ayeni said that the meeting had been an important way of improving bilateral trade relations between Nigeria and China, given that Nigeria is the third largest trading partner to China in terms of imports from China.
She said recent reports show that total trade between the two countries amounted to $22.81 billion, with Nigeria importing approximately $20.4 billion worth of goods from China, while its exports to China only reached around $2 billion.
She said “Accordingly, total trade between Nigeria and China stands at $22.81 as of the end of 2023. Import from China is around $20.4 and export to Nigeria is just about $2 billion. Therefore, the trade deficit is about $18 billion and we believe if we collaborate, we will close that deficit so we can bring in our agricultural products into China.”
The NEPC boss said that the officials of both countries have been engaged in a strategy to correct this significant trade imbalance, which is aimed at fostering more even relations.
She added “Given the existing trade relationship, we are here to discuss other things that will help us scale up. Hunan province is special to us because that is where we have our export trade house.”
In her comment on collaborations, Ayeni underlined the potential for significant improvement, stating that Nigeria boasts over 1,000 products in abundant supply and the focus of the collaboration will be on identifying and promoting the top 20 products with high demand in global markets, particularly those where China stands as a key destination.
“We have over 1,000 products in large quantities, and we expect that the collaboration will help us improve. The NEPC is focused on a 12-18 month target, focusing on the top 20 products based on global demand in the markets in which China is a top destination,” she explained.
She said that the initiative seeks not only to reduce the trade deficit but also to exploit China’s appetite for agricultural products and Nigeria, with its diverse agricultural landscape, sees an opportunity to expand its export market and take advantage of China’s growing demand for agricultural imports.
