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China to start importing from Nigeria - CBN Governor

Godwin Emefiele, governor of the central bank of Nigeria (CBN), says the federal government is “talking with China” so it would also be “importing some of its own items from Nigeria”.


According to Emefiele, so this will help to reduce the gulf in trading between the two countries.

Speaking at a press conference at the World Bank headquarters in Washington, on the last day of the 2016 World Bank/IMF spring meeting, he also said part of Nigeria’s deal with China is that the country becomes the Asian country’s trading hub in West Africa.

“China has appointed South Africa as its trading hub for Remnibi transactions in the south African region, has appointed Kenya as its trading hub for east and central Africa,” he said.

“And Nigeria, the mandate that we signed is for us to be appointed as the trading hub in the West African sub region. In all, we expect that it is going to be mutually beneficial.

“We are talking to China so that it would also be importing some of its own items from Nigeria, so that the trading balance can be sort of reduced.

“Will Nigeria benefit from this? I want to say categorically that Nigeria benefits from this. It’s less pressure on the dollar and consequently on our reserves.”

Emefiele added that the CBN could not continue with indeterminate adjustment (devaluation) of the currency, without taking necessary structural reforms.

“For the first time, we are taking structural reforms seriously in the country. We’ve always talked about, oh, when you do an adjustment, follow it up with structural reforms.

“But we are saying this time we’ve done an adjustment and we are following it up with structural reform, where we are saying we must diversify the economy away from depending on oil.

“I’ve said it that we have seen people who are coming in an investing, during the china trip, we saw people who said they can now come in instead of exporting those items into Nigeria, they can now bring those plants into Nigeria and begin to produce those things in Nigeria because our climate is good.

“I repeat, what is the raw material for fertilizer? It is gas. We have it in large quantity; when you bring in the plant, you don’t need to import any raw material again. We are seeing the green light at the end of the tunnel; we just want people to show understanding.”
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11 comments

  1. Importing corruption?

    ReplyDelete
  2. Importing terrorism?

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  3. Importing dictatorship?

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  4. Long live the Federal Republic of Nigeria! Wish you success all through!!

    ReplyDelete
  5. Let talk like good citizen of Nigeria.

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  6. No dat u ppl have told us many unfulfilled tins how do we belive dis big lie again. Y are u ppl taking us 4 a big ride and conniving wit China 2 play on our sensibility, pls pay me my 5k u promised it's 11 month u are owing me and am tired of tellin my lil nice one story or d other cos I promised 2 be giving her 1k every month from d money now u ppl have put my integrity into question. Bunch of deceitful rouges.

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  7. With pple like you, government will never pay such 5k, bcos with it many of you will not work again.

    ReplyDelete
  8. We have succeeded in Nigeria to create Educated illiterates. By their comments you shall know them

    ReplyDelete

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