Nigeria looks east to address economic woes

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Nigeria looks east to address economic woes

Nigeria will welcome all kinds of support from China, the world’s second largest economy to help shore up its growth as the major African economy enters a recession, an expert on China-Africa development issues has said.

Enehikhuere, a member of the African Think Tank for China-Africa Development, told Xinhua in an interview that China, being an important partner in Nigeria’s growth and development, is expected to play a constructive role in helping Nigeria address its economic problems.

According to him, Nigeria, like other African countries, is comfortable with China’s economic leadership and is willing to learn how to grow the economy through Chinese expertise.

Nigeria’s economy formally entered recession in the third quarter of the year when its Gross Domestic Product in real terms declined by 2.06 percent in the second quarter year on year after a 0.36 percent decline in the first quarter.

China and Nigeria, Enehikhuere noted, have collaborated in many fronts to combat various challenges in the past.

“Therefore, it won’t be a difficult thing for the two nations to exchange ideas and support to help Nigeria come out of its present economic situation,” said the expert.

He said although Nigeria is in recession, its economy can remain robust especially as the West African nation looks forward to diversifying its economy.

China has invested more than 2.5 billion U.S. dollars in the Nigerian economy as of the end of 2015, especially in areas such as telecommunications, construction, agriculture, petroleum and solid minerals, according to data from the Economic and Commercial Counsellor’s Office of the Chinese embassy in Nigeria.

Enehikhuere said that China is always a destination for Nigeria and other African countries because the East Asian nation has proved to be “Africa’s friend in weal and woe”.

“The Nigerian economy is very relevant in Africa, and we can do a lot of things with China,” he added.

Nigerian President Muhammadu Buhari paid a state visit to China in April this year and during his meeting with Chinese PremierLi Keqiang, Li said China is ready to help promote the African country’s industrialization through enhancing production capacity cooperation, spearheaded by infrastructure projects including railway, highway, and hydropower construction.

China encourages capable enterprises to invest in Nigeria, the premier said, calling on Nigeria to provide good protection and support for Chinese investment.

 

 

 

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