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Nigeria-China Trade Relations: Projections for National Growth and Development

Author

Listed:
  • Muritala Oke
  • Oluseyi Oshinfowokan
  • Olubunmi Okonoda

Abstract

The relations between countries as always been defined and pursued by National Interest coupled by comparative advantage, meanwhile, globalization has fuelled interdependence, integration and technological connectivity amongst countries of the world. This situation has led to trade liberalization. The trade relations between Nigeria and China has always been of mutual benefits to the two countries, probably because the two countries are prominent member of the G77 group of developing countries within the United Nations. The era of General Sani Abacha made the relationship stronger as Nigeria shifted from the North to the South and engaged China more having been rejected by the Northern allies of developed capitalist nations. The paper interrogated the trade relation between Nigeria and China and assess the impact of mechanisms and measures such as One China Policy and Nigeria Naira – China Yuan Currency Swap on the Nigeria growth and development. It equally examined the perceptions of Nigeria entrepreneurs in pushing for balance of trade relations between Nigeria and China. The study employed the quantitative and qualitative methods to examine the trade relationship between Nigeria and China. Simple Random Sample (SRS) technique was used to select respondents from Federal Ministries of Finance, Trade, Industries and Investment, Small and Medium Scale Development Agency (SMEDAN) as well Central Bank of Nigeria, Nigeria Content Development and Monitoring Board for the conduction of interviews; while key informant interview were conducted with President, Nigeria Chamber of Commerce and Industry (NACCIMA); National President, Manufacturing Association of Nigeria (MAN), and National President of Nigeria Union of Textile Workers (NUTW).A total of 100 questionnaires was distributed randomly to traders in six big markets which trade in both Nigeria and China product - Ariara Market in Aba, Sabo Market in Kano, Alaba Market in Lagos, Onitsha Market in Anambra, Central market in Kaduna, Nnewi market. The study found out that for Nigeria to get more gains from China, Nigeria traders, manufacturers and organised trade organisation must be carried in decision making and shun importation of already made goods that can be produced locally; support local industries to enhance their production capacity; more interaction between the businessmen of both countries, government official and politician; allowing independent functioning of institutions created to promote trade and investment without interference.

Suggested Citation

  • Muritala Oke & Oluseyi Oshinfowokan & Olubunmi Okonoda, 2021. "Nigeria-China Trade Relations: Projections for National Growth and Development," International Journal of Business and Management, Canadian Center of Science and Education, vol. 14(11), pages 1-77, July.
    • Handle: RePEc:ibn:ijbmjn:v:14:y:2021:i:11:p:77
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    References listed on IDEAS

    as
    1. Courage Mlambo & Audrey Kushamba & More Blessing Simawu, 2016. "China-Africa Relations: What Lies Beneath?," Chinese Economy, Taylor & Francis Journals, vol. 49(4), pages 257-276, July.
    2. Harry G. Broadman, 2007. "Africa's Silk Road : China and India's New Economic Frontier," World Bank Publications - Books, The World Bank Group, number 7186.
    3. Chen, Yunnan & Sun, Irene Yuan & Ukaejiofo, Rex Uzonna & Xiaoyang, Tang & Bräutigam, Deborah, 2016. "Learning from China?: Manufacturing, investment, and technology transfer in Nigeria:," IFPRI discussion papers 1565, International Food Policy Research Institute (IFPRI).
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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