Nigeria will soon start exporting to China – CBN governor

Governor of the Central Bank of Nigeria, Godwin Emefiele has revealed that the agreement signed between Nigeria and China will be beneficial to both countries.

During a press conference at the World Bank headquarters in Washington, TheCable reports that Emefiele said the government of Nigeria is ‘talking with China’ to have the Asian country importing some items from Nigeria so that the difference in trading between the two countries would be reduced.

The CBN governor also revealed that part of Nigeria’s agreement with China is to become the Asian country’s trading hub in West Africa.

“China has appointed South Africa as its trading hub for Remnibi transactions in the south African region, has appointed Kenya as its trading hub for east and central Africa.”

“And Nigeria, the mandate that we signed is for us to be appointed as the trading hub in the West African sub region. In all, we expect that it is going to be mutually beneficial.

“We are talking to China so that it would also be importing some of its own items from Nigeria, so that the trading balance can be sort of reduced.”

“Will Nigeria benefit from this? I want to say categorically that Nigeria benefits from this. It’s less pressure on the dollar and consequently on our reserves.”

Emefiele further said Nigeria’s apex bank could not go on with the devaluation of the currency without ensuring that necessary structural reforms are in place.

“For the first time, we are taking structural reforms seriously in the country. We’ve always talked about, oh, when you do an adjustment, follow it up with structural reforms.”

“But we are saying this time we’ve done an adjustment and we are following it up with structural reform, where we are saying we must diversify the economy away from depending on oil.”

“I’ve said it that we have seen people who are coming in an investing, during the china trip, we saw people who said they can now come in instead of exporting those items into Nigeria, they can now bring those plants into Nigeria and begin to produce those things in Nigeria because our climate is good.”

“I repeat, what is the raw material for fertilizer? It is gas. We have it in large quantity; when you bring in the plant, you don’t need to import any raw material again. We are seeing the green light at the end of the tunnel; we just want people to show understanding.”

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