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Nigeria:Trade with China touches new high |
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2005-2-4
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A five fold increase – an all time high - was registered in 2004 as China’s trade with Nigeria reached a record $2 billion, according to Wang Yongqui, the Chinese ambassador to Nigeria.
In fact, he said following China’s leader’s high-profile visit to Nigeria in 2004, resulted in bilateral talks between him and President Obsanjo on how to improve trade and economic relations.
The issue came for discussion during his talks with Franklin Ogbuewu, Nigeria’s Minister for Culture and Tourism.
Drawing a comparison between China and Nigeria, Wang said, ''''China is the most populous country in Asia; and Nigeria, the most populous country in the African continent. We have a lot to learn from each other.''''
The entire African continent is presently worried on the ending of the World Trade Organization Agreement on Textiles and Clothing, which for 40 years guaranteed their textile exports duty-free, quota-free access to western markets.
Countries like Mauritius, Madagascar, Uganda and Lesotho to compete with countries like China and India -- larger low-cost producers that can sell their goods at cheaper prices on the global market, say analysts.
"If you look at a study done by the WTO in September, it shows that India and China will grab about 80 percent of the world market and the remaining 20 percent will have to be shared by the rest of world," said Narainduth Boodhoo, duty director of Mauritius''s Trade.
Already six factories have shut down due to low export order bookings and further decline in business. |
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