TO INCREASE EXPORTS, THE FG WANTS NIGERIAN GOODS TAKEN FROM THE CHINESE PROTOCOL LISTS.

PRINCIPAL POINTS:

• Nigeria is designated as a “Country of Honour” by China for commercial and diplomatic ties.

• The FG wants the Chinese Protocol lists for Nigerian agricultural exports, including pepper and peanuts, abolished.

• According to NEPC, the removal of products off the protocol list will increase Nigeria's non-oil exports.

To improve Nigeria's non-oil exports and expand commerce with China, the Nigerian government made a formal request on Sunday to have Nigerian agricultural products removed off the Chinese Protocol Lists.

According to Channels News on Sunday, Ezra Yakusak, the MD/CEO of the Nigerian Export Promotion Council (NEPC), revealed this during a meeting with Guo Ning, the deputy director general of the department of commerce in the Hunan province, and Yang Mingwei, the inspector of the department of commerce in the province.

The two nations hope to enhance their $12 billion yearly trade during the meeting, which takes place before the China-Africa Trade Expo later this year.

LIST OF PROTOCOLS

Nigeria has been named a “Country of Honour” by China, according to representatives of the Chinese government.

Yakuzak, the head of NEPC, expressed appreciation for the new classification for Nigeria and urged a review of the ban on the import of specific Nigerian goods from China, as part of a collaboration to increase non-oil earnings and foster technology transfer between the two nations. He continued:

We are aware that certain products from Nigeria, notably chili peppers, peanuts, and other items, have been added on protocol lists in China.We are pleading with you to think twice before eliminating those items from the protocol list so that we can export the items to China.

China is interested in working with relevant organizations between the two countries to increase trade, according to Guo Ning, Deputy Director General of the Department of Commerce in Hunan Province. She also noted that the Chinese government needs approval for the establishment of a Chinese-Nigeria export trade house to further China-Nigeria trade.

An increase in trade with China could help Nigeria avoid foreign exchange shortages and the risk of FX fluctuations, according to Yang Mingwei, the Inspector of the Department of Commerce in Hunan province. He also noted that Chinese businesses could store some of the products in Nigerian warehouses.

BACKSTORY

Remember that it was revealed last week that the governments of Nigeria and China had decided to increase their trade, which the Federal Government estimates to be worth over $12 billion.

Dr. Evelyn Ngige, the Permanent Secretary of the Ministry of Industry, Trade, and Investment, revealed this at the conference for the promotion of trade and investment between China and Nigeria, which was put on by the Changsha Municipal Bureau of Commerce.

Dr. Evelyn Ngige, who was represented by Mr. Suleman Audu, Director of Trade, stated that the Nigerian Government remained dedicated to offering a durable platform for collaboration and the mutual benefit of both nations, stating that Nigeria has finalised plans to enhance the partnership, which includes exhibition.

The Nigeria Export Promotion Council (NEPC) will also inaugurate the Export Trading House in China between April 19 and April 22. The China-Africa Economic and Trade Expo (CAETE) is slated to take place in Changsha, Hunan, China between June 29 and July 2.

According to a recent research, Nigeria had a total trade imbalance with China in the last five years of N18.3 trillion, or an astounding $40 billion in net foreign currency outflows to the second-largest economy in the world.

Over the past five years, China has accounted for 38% of all imports to Nigeria, making it the country's main import source.