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

摘要

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.