SUMMARY
The study noted that Nigeria-China economic relations way back in 1971 when the official diplomatic intercourse was established between the two countries. Some then, both countries have tried to assist each other through the inflow of financial Acts in forms of interest free loans and access to the oil and gas sector of the Nigeria economy and offer supports internationally. Successive regimes in Nigeria have to sustain this relationship in one way or the other. The Buhari’s administration which began on may 29, 2015 has faced the same line of attain as his predecessors, and this has attracted some benefits in terms of financial acts which the government has displayed addressing it infrastructural gaps in the country.1
In the whole of Africa continent, Nigeria has remained one of the major Chinese trading partners, as it promote a market for various Chinese products, the risk of Nigeria-China trade has changed the direction of Nigeria’s trade from its traditional trading partners like the united states (US) and western Europe (WE) toward China. Recently, trade between Nigeria and China has become more pronounced and has remained a channel of boosting economic cooperation between the two countries. Chain is top Nigeria’s import origin and this has resulted in a group trade deficit on the part of Nigeria. The unequal relationship between the two countries has increased the dependency of the Nigeria economy on China and undermined its economic security; findings also revealed that China is a global model of rapid socio-economic transformation that Nigeria could study to enhance optional performance for its economy; it is conducted that for Nigeria to benefit optimally from its competitive economic relatives with China, the country needs to build up it internal productivity capacity through regular training of its work force.
Nigerian’s foreign trade with China is marked with imbalanced of trade where there is no equilibrium between Nigeria’s inputs from China from its exports as well. The imbalanced in the trade between the two nations favours China at the expenses of Nigeria. This is attributed to lack of industrialization on the part of Nigeria enabling it Chinese counterpart to take advantage and flood its market with deep products. Nigeria has received on the export of primary gavels which China supplies Nigeria with finished products, technological knowhow, financial assistance etc
As the economic and trade gap between China and Nigeria keeps widening with a disproportionate favour to China, the possibility of eliminating this asymmetrical is remote, particularly in a world where economic issues are structured. Nigeria’s relies on exhaustible oil, whose price per berried plunged downwards by over 50% has not helped the Africa giant. Nigeria’s played is worsened as countries technologically develop alternative source of energy. China’s cannot solve Nigeria’s problems even as a dependable ally.2 Issues of political instability insecurity,, dilapidated infrastructural, capacity body through functional education and economic diversification among other must be addressed by Nigeria, Nigeria must learn from China the better part of greatness.
Sequel to the imbalanceof trade and defect to economy of Nigeria, Nigeria must continue to build, maintain and embrace a mutually trusting and respectful alliance with China.
The partnership will continue to pay for the structural agreements to the greatest extent between the two countries. Both Nigeria and Chinese foreign policy should respect the full capacity of nations, values and insight. A foreign policy focused on a particular issue, such as trade or human right, might run the risk for never establishing the kind of relationship on which complex question can be posed and experiences voiled. A balanced partnership is ray, opening the door for meaningful discussion.
Also, there is a need for Nigeria to diversify exports to China and other developed nations by increasing exports value added things for exportation of pure raw materials for processing.3 This considered imperative to accelerate technical development in Nigeria, inerasably, allowances of equal partnership, is strategies to Nigeria in the bilateral agreements, and opportunities to explore the special tariff (special) preferential tariff treatment-SPTT) on Africa export recently introduced by Chinese government with processed and manufactured products rather than pure raw material alone. Thus, while Nigeria will enjoy sustainable and profitable economic relationship with China by increasing the value-added to its exports and mineral resources to China as suggested, it is equality relevant for it to effectively manage the importation of Chinese product to avoid, ‘’killing growing load in front industries that dominate the small and medium scale sector in Nigeria.
However, the Nigeria government should persuade China to open up a factory for the production and manufacturing of goods and in Nigeria and offer the Chinese government a percentage of that business. With a high rate of imports of manufactured goods from China, if there was a similar factory, like the one in China. Nigeria can cut down or its imports of this goods and China can be encouraged to employ Nigeria in this factory so that they can be effective, efficient and skilled as the Chinese writers, this will positively affect the GDP of Nigeria and the overall economy.
The Nigeria government should implement an anti-dumping polices, against inferior goods and impose tariffs on manufactured goods important from China, that way the Nigeria merchants can get in competition with other markets.4
In conclusion, the Nigeria government should encourage Chinese MAC’s to make more investments in major sectors. This can correct the trade imbalance and create more opportunities in the job market for Nigerians. Factory of production and manufacturing of goods should be opened in Nigeria and offering the Chinese government a percentage of that business at work.
