This Day (Lagos)
Dele Ogbodo and Comfort Ogbonna
29 October 2009
Abuja — National President, Association of Nigerian Traders (NANTS), Mr. Ken Ukaoha, yesterday in Abuja, said Foreign Direct Investment (FDI) from China to Nigeria has doubled from $3 billion in 2003, to $6billion, with the share in oil and gas sector taking the lion share of 75 per cent.
He acknowledged that bilateral trade relations between Nigeria and China is underscored more by the economic relations between both countries. Accordding to Ukaoha, trade between China and Nigeria is hinged on two basic fundamentals: Nigeria's deficiency in basic infrastructure, while china is a source of infrastructure provision to Nigeria, Secondly, Nigeria is a good source of crude oil and minerals needed by China in its fast growing manufacturing sector.
Ukaoha said this at the opening of a three-day workshop with the theme, "Impact of China Africa Trade Relations: The Case Study Of Nigeria."
Though formal trade between China and Nigeria did not begin until 38 years ago, he said Chinese traders and industrialists have had a foothold in Nigeria since 1960s.
The NANTS boss said the growing influence of Chinese imports throughout Africa and in Nigeria has made China a major trading partner with Africa, and therefore, advised African leaders to take a closer look at the factors responsible for the success of the Chinese economy.
According to him, apart from South Africa, Nigeria is China's largest trading partner in Africa and more recently, Nigeria's Trade Relations with China has evolved into a new China/Africa Strategic partnership based on a win-win tripod relationship.
The upsurge in China's influence in Africa, Ukaoha further explained, is based on China's quest for resources, space and influence in global affairs as well as Africa's quest for better terms of trade, decreased resources and less interventionist and also a continually laden models of development.
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