The Impact Of Chinese Trade And Investment On Nigeria Economy

This paper is to examine China-Nigeria economic relations. China and Nigeria established diplomatic relation on February10,1971since that time many Chinese leaders have visited Nigeria just as so many leaders also came into China. A historical stage was set between China and Nigeria, bilateral relation between the two countries have since enjoyed smooth and steady development, it was not only bilateral relation but of mutual respect for each other. Since May1999after Nigeria returned to constitution democracy the formal president of Nigerian, had visited China in2001and with his Chinese counterpart reciprocating both visit. Although this relationship dates back to more than three decade, recent development call for a careful and detailed analysis of this union and to this end, this seek to provide analysis of the relationship with respect to investment, trade, aid, trade economic cooperation. Recent development in China and Nigeria relationship are not unconnected with the renewed ties of between the two giants, as Nigeria has become one of China’s most important trading partners in Africa. The contemporary wave of diplomatic relation appears to a reasonable extent mutually beneficial. Nigeria’s quest for development with aggressive campaign for FDI as one of the motivation driving forces has opened the economy, which China is seen as an ideal business partner. Consequently, February2011, China formally overtook Japan to become world’s second largest economy in the world, with this development in market forces and industry new grounds needed to be exploited, previous ties needed to be strengthened and it was one of this that China and Nigeria relations comes into play. Since Nigeria views its relations with China has the driving force for its economic growth and development, a corporate social responsibility help reduce Nigeria poverty and drive growth. A growth drive frame work that identifies sets of variable that affected positively have the potential to drive sustainable economic growth, help to evaluate Nigeria prospect in other for sustained growth and development to occur demonstrable progress must be achieved in the area of policy choice, human capital, entrepreneurship, culture and leadership. China and Nigeria are orchestrating developments in different facet of their economies. However the find suggest that there are areas in which China and economic relations can be improve if the negative wrinkles are tackled, though there are consensus that the partnership could offer great benefits than collaboration with traditional trading partners.