FG calls for value addition to address trade imbalance –

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The secretary of the government of the Federation, Boss Mustafa, spoke on Friday at the Forum of productive capacities and investment cooperation of Nigeria and China in Abuja in 2018.

The federal government called for adding value in the economic relations between Nigeria and China to eliminate the imbalance in trade between the two countries.
The secretary of the government of the Federation, Boss Mustafa, spoke on Friday at the Forum of productive capacities and investment cooperation of Nigeria and China in Abuja in 2018.
The Nigerian news agency recalls that the available statistical data obtained by the National Bureau of Statistics indicate that in Nigeria from 2013 to 2016, the trade balance deficit amounted to more than $ 6 trillion.
According to NBS, statistics also showed that of Nigeria's total import account of N29 trillion. Between 2013 and 2016, only China was N6.41 trillion.
Mustafa, in the person of Gabriel Aduda, Permanent Secretary for Political and Economic Affairs of the SGF Office, said that the federal government worked overtime to solve a long-standing problem.
SGF stated that the forum is a platform for promoting interaction between business and developing more specific approaches to stimulate the industrialization of Nigeria and reduce the export of its raw materials.
He said: "China has succeeded in Nigeria recently, but trade imbalances are wrong, they are still in favor of China, and we can have a more perfect form of cooperation with China that will improve the imbalance.
"One of the ways in which we can do this is to see that we have grown in a value chain; no country ever grows by simply exporting raw materials, we must be able to add value.
"If you look at this contribution, it is still at the raw material level, where the Chinese come and export our raw materials, raise the cost and return us for purchase.
"Now Nigeria is looking for ways to cooperate with China to create industries in Nigeria that will increase the value of these raw materials so that we can also start exporting to the world."
He added that the adoption of such measures will lead to an increase in the country's economy.
In his speech, Yusuf Yakub, chairman of the chamber's committee on Nigerian-Chinese relations, confirmed that China has demonstrated its readiness to support Nigeria's efforts in the field of industrialization.
Yusuf, however, said that China needs to consider "practical problems and peculiarities of Nigeria with regard to its development and the development of strategic measures of support and support."
He added: "In this regard, we have gathered here to provide a platform for reliable investment cooperation between China and Nigeria.
"Our duties as politicians are to provide effective laws to protect foreign investment and strengthen existing relations between the two countries."
Chinese Ambassador to Niger Zhou Pinzian said that Nigeria remains one of China's largest trading partners in Africa, adding that the relationship between them is mutually beneficial.
He said: "China remains committed to intensifying its cooperation with Nigeria in the fields of agriculture, production, industrial capacity and investment, infrastructure, energy, culture and the exchange of people and peoples and in other areas."
Zhou said that the initiatives of the Chinese government, such as the "Belt and the Road" Initiative and the Forum for China-Africa Cooperation, will open new opportunities for strengthening the ties between Nigeria and China.

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