• Nigeria’s imports from Asian giant expanded 183 times in 27 years
• Regional leaders explore fresh Euro-Asian ties as AfCFTA struggles
• Outward-oriented trade threatens intra-African agenda
Intra-African trade routes may be facing a historic blockage as China expands its domineering influnce in the region, touted as the most commercially dependent across the globe.
Trade data gleaned from the National Bureau of Statistics (NBS) and analysed by The Guardian show that Nigeria has spent N19.12 trillion on imported commodities from China in less than four years – from January 2018 to September this year.
Economists have seen the deepening Chinese influence in the local market as a huge drain and cost on the ailing domestic economy as imports constitute leakages on any economy.
Sadly, Nigeria’s trade relations with China reflect the widespread imbalance the Southeast Asian country is known for. Within the referenced period, Nigeria exported a paltry N2.09…
Source: Guardian Newspaper