Nigeria is seeking to eliminate trade tariffs on its exports to China, a move that aligns with the country’s broader economic diversification strategy.
Ambassador Bianca Odumegwu-Ojukwu, Nigeria’s Minister of State for Foreign Affairs, recently appealed to China to grant tariff-free access to Nigerian exports, similar to concessions already given to other African nations.
This development comes as Nigeria aims to strengthen its trade relations with China, with whom it has a significant trade deficit.
In 2022, China exported $21.4 billion worth of goods to Nigeria, while Nigeria’s exports to China totaled only $1.52 billion.
Nigeria is particularly interested in promoting its manufacturing and processing capacities to export higher-value goods to China. Currently, the country’s exports to China are primarily raw materials like petroleum gas, crude petroleum, and lead ore.
The push for tariff-free trade with China is part of Nigeria’s efforts to diversify its economy and reduce its dependence on oil exports.
The country is also seeking to increase its participation in global value chains and attract more foreign investment.
