NIGERIA’S FOREIGN TRADE POLICY AND ECONOMIC RELATIONS WITH CHINA UNDER PRESIDENT BUHARI’S ADMINISTRATION, 2015-2020

Abstract

Available evidence reveals that China is gradually taking over economic activities in Africa and Nigeria in particular. China is seriously competing with the United States of America in terms of the volume of goods and services imported to Nigeria. It is therefore not surprising that a Nigeria-China relation has improved tremendously in recent times. This has spurred a renewed interest in Nigeria-China economic relations. It is within this background that this study examined Nigeria-China economic relations. Dependency theory was adopted as the basis of analysis, the methodology adopted was secondary and data were analyzed qualitatively using content analysis. The study revealed that: Nigeria economic relations with China has not been consistent with Nigeria’s foreign trade policy; China’s trade investment in Nigeria has risen to about 13 billion dollars in 2018 from 2 billion dollars in 2015, and is still increasing exponentially even in the year 2019; China has overtaken the United States of America as the largest foreign investor inelectronic gadgets in Nigeria; Nigeria currently sells 30% of its oil to China, since, Nigeria’s oil is so vital to China’s economy, China has deepened interest in oil exploration in Nigeria. The following recommendations were arrived at: The government should ensure consistency in adhering to her foreign trade policy; there is need for the Nigerian state to develop its technological base and boost its negotiation capacity so as to maximize the benefits in the country’s economic relations with China; the Nigerian government should intensify efforts with China in terms of balance of trade.