China is targeting a spike in African trades from the present $30 billion to $300bn (about N124.596 trillion) in the next three years, said Chairman of the China Africa Business Council (CABC), Chief Diana Chen.
She stated this yesterday in Lagos during the signing of a Memorandum of Understanding (MoU) with the Lagos Chamber of Commerce and Industry (LCCI) to deepen bilateral trades.
According to her, the partnership was aimed at promoting exports from Africa unlike the present situation where Africa and Nigeria mostly deal with imports from other countries.
This, Chen, who is also the Chairman of CIG Motors, noted, would promote balance of trades between Africa and the international market thereby protecting the economy of Nigeria.
She said, “Our target in the next three years for China and African trades, we plan to raise the trades from $30bn to $300bn, that is more than 10 times increase.
“And when the trade partnership increases, definitely it will benefit more African business people.
“Africa and Nigeria import a lot. You also need to export more so that there can be a balance of trade in the international market.”
President of LCCI, Dr. Michael Olawale-Cole said the MoU signing will “unlock investment opportunities for both economies and will strengthen relationships between our two institutions.”
He said, “The partnership is historic and significant to the LCCI as it would strengthen our International Trade Relations with China.
“China-Nigeria relations, which dates to the early 1970s, has progressed significantly in recent years. Nigeria is one of China’s largest trading partners in Africa.”
