Trade experts seek maximization of economic relations between Nigeria, China

Experts have urged the Federal Government to overhaul and leverage on the subsisting trade relations with China toward boosting the nation’s economy and infrastructural needs.

 Mr Fank Okeke, Chief Executive Officer, Standard Constructions Ltd, yesterday said that the need became imperative following the nation’s economic challenges and sustainable development.

 “We should learn to maximize the relationship with China to meet some of our challenges in the oil and gas sector, especially in fixing the nation’s ailing refining capacity and establishment of new petrol chemical plants using Chinese technology.

 “The needs of exploiting China cannot be over emphasized as China had successfully meet their domestic refining capacity in spite of their large population,” he said.

 Mr Chris Nemeidia, a former Director of Central Bank of Nigeria (CBN) said that government should initiate export programmes to encourage domestic interest commercial production cash crops.

 He said the high level growth of commodities for export would assist in bridging the trade gap between Nigeria and China.

 He also urged government to maximize the technological potential, as one of the nation’s largest trading partner to Nigeria’s infrastructural deficit.

 “Giving that they have been able to solve their infrastructural needs, government should take advantage of their experience in meeting our roads and electricity challenges among other things.

 “At this age and time Africa and Asia are becoming more business incline partners in the world,” he said.

 Also speaking, Mr Tunde Olarawaju, a Lecturer of Department of Accountancy, Lagos State Polytechnic, said that the nation could boost its economy through exporting agricultural products and other raw materials to China.

 “Since the Republic of China is an important trading partner with Nigeria, China with its huge population will always be demanding agricultural products especially beniseeds and share butters, among other.

 “Even cassava, which is an ordinary food crop, is in high demand in big cities in China as it is often used to take care of their livestock and some industrial processed products.

 It will be recalled that Nigeria-China Business Council (NCBC) said trade relations between both countries increased from 2.7 billion dollars (N531.9 billion) in 2009 to 13 billion dollars (N2.56 trillion) 2014.