Stop Dumoing Goods in Nigeria, - Buhari Tells Chinese investors

President Muhammadu Buhari, on Tuesday, called on Chinese investors to imbibe the spirit of having a mutually beneficial trade relationship by setting up industries in Nigeria rather than using the country as a dumping ground for goods.

Buhari, who was speaking in Beijing, highlighted the need for both countries to work towards reducing the trade imbalance between both countries which currently swings in China’s favour.

These were contained in a statement issued in Abuja by Femi Adesina, the Special Adviser on Media and Publicity to the President.

“Although the Nigerian and Chinese business communities have recorded tremendous successes in bilateral trade, there is a large trade imbalance in favour of China as Chinese exports represent some 80 per cent of the total bilateral trade volumes. This gap needs to be reduced.

“Therefore, I would like to challenge the business communities in both countries to work together to reduce the trade imbalance.

“You must also imbibe the spirit of having a mutually beneficial relationship in your business transactions. You must not see Nigeria as a consumer market alone, but as an investment destination where goods can be manufactured and consumed locally,” Buhari said.

The president also reassured on his administration’s commitment to diversify the Nigerian economy by exploring other viable areas and assured all that there is improved security in Nigeria, hence, investors have nothing to fear.

“Last year, during our meeting in New York, President Xi Jinping and I agreed to explore ways of practical cooperation in trade, investment, finance, human resources, agriculture and fishing. We also agreed to strengthen industrial capacity cooperation in the manufacture of cars, household appliances, construction materials, textiles, food processing and others. This is in line with our government’s focus on import substitution through the creation of a diversified and inclusive economy that will meet most of our consumption needs.” he said.

“We are embarking on major power, road, rail, seaport and airport development programmes that will enhance the competitiveness of manufacturing businesses in Nigeria. The future is bright and I am very confident that our policies will make Nigeria the investment destination of your choice.

“We are committed to protecting all lives and property within our borders. You can therefore be rest assured that your investments in Nigeria will be safe and secure,” he said.

Trade between Nigeria and China has grown astronomically in the last decade with bilateral trade volumes rising from 2.8 billion dollars in 2005 to 14.9 billion dollars in 2015.

Nigeria accounted for 8.3 per cent of total trade volume between China and Africa and 42 per cent of the total trade volume between China and the Economic Community of West African States (ECOWAS) countries in 2015.