Leadership (Abuja)
Clem Khena-Ogbena
9 November 2009
Abuja — President Umaru Musa Yar'Adua yesterday expressed regret over the continued fall in Nigeria's export volume to China. Yar'Adua, who was the special guest at the opening ceremony of the ongoing 3-day First Nigeria-China Trade and Investment Forum, held at the Shehu Musa Yar'Adua Centre, Abuja, noted that while Chinese export to Nigeria has kept shoring up, that of the Nigeria has been reduced by 200 per cent.
The President who was represented on the occasion by his vice, Dr. Goodluck Jonathan, also said that the growth and development of the nation's economy is at the mercy of the private sector, thus urging the sector to take advantage of the enabling environment and invest more in the economy so that the 7-point agenda of the present administration can be realised.
His words: "If you look at the trade relations between Nigeria and China in the last decade, you would see that Chinese export to Nigeria is about 400 per cent and our own export to China, is reduced by about 200 per cent. "It is a big challenge to us and that is why we are quite happy that the topic we are discussing, "Balancing Trade and Investment Forum, The Role of Private Sector," is very apt. "For the economy of the country to grow, the private sector has a huge role to play. Government role is to create the enabling environment."
Earlier, the Minister of Commerce and Industry, Chief Achike Udenwa, listed the objectives of the forum to include, deepening trade relationship between Nigeria and China; promoting opportunities for face-to-face and one-one-one interactions/negotiations with potential investors; tapping from the technological experiences of China; getting the Chinese investors to appreciate the business environment in Nigeria and seeking ways to improve and promote the standard of products of both countries, as well as providing avenue for sustainable linkages between Nigerian and Chinese businessmen.
He said that since the two countries established cordial diplomatic relations, bilateral trade relations between the duo have been very substantial and mutually beneficial, adding that the current issue on trade between the two countries is the granting of zero tariff concession from China to Nigeria, in line with the last Sino-African Summit held in November, 2006.
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