The mutual trade relations existing between China and Africa, has been described as a measure that could facilitate rapid economic growth of Nigeria, thus taking the country and its people out of its present economic stagnation.
Dr. Sidney Inegbedion, President of the Nigeria Entrepreneurs Forum (NEF), made the declaration during a summit on the Forum on China-Africa Cooperation (FOCAC), organized by NEF on weekend, at the organisation’s Capacity Centre, located within the Ministry of Trade, Industry and Investment (FMITI) headquarters, Abuja.
Expounding further on the summit’s theme, “Strengthening Nigeria-China Trade and Investment Relations in an Era of Global Change”, Inegbedion claimed that Nigeria could only overcome its economic setbacks if it followed the NEF’s core belief, anchored on the premise that the strength of Nigeria lies on the assets of her individuals and enterprises.
Inegbedion also emphasized on sections of the speech made at the FOCAC summit held last year in Dakar, Senegal, by the Chinese President, Xi Jinping, with four proposals of China providing 600 million doses of COVID 19 vaccines, with 400 million of the doses to be jointly produced by Chinese and African companies. The three other proposal was that China would undertake 10 poverty reduction agriculture projects and initiate 100 companies in 1,000 villages; provide 10 billion USD to support African export and its investment programmes and another 10 billion USD support, in the next three years, as industrialization support and credit facilities to small and medium scale enterprises (SMEs).
The NEF’s president, however, hinged the success or failure of the African Continental Free Trade Area (ACFTA) on the propensity of its respective member countries to evaluate and activate their foreign investment attractions and the ease of doing business.
Also speaking at the occasion, the Director for Investment Promotion, Federal Ministry of Industry, Trade and Investment, Mrs. Arodudu Olukemi, highlighted on Nigeria strengthening its bilateral relations with China. Mrs. Helen Garpiya, Deputy Director, Investment Promotion, who represented her, said that it was important for Nigeria to learn from the China’s tenacity example.
Also at the event, Alhaji Shebitti Bello, a Representative of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), spoke in the same vein with Mr. Peter Bakare, Secretary, Federation of Agriculture Commodity association of Nigeria (FACAN), that investment deals must be of mutual benefit to both countries and that Nigeria should emulate its counterpart to rise above all forms of slavery in the business sector.
Ms. Ajoke Ayandele, an international trade expert and Mr. Steve Attah, also spoke at the occasion, hailing the China and Nigeria’s deals.