Buhari Asks Chinese to Stop Dumping Goods in Nigeria

Buhari Asks Chinese to Stop Dumping Goods in Nigeria

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…..Urges investors to establish manufacturing companies in Nigeria

President Muhammadu Buhari Tuesday in Beijing appealed to Chinese investors to consider siting industries in Nigeria instead of seeing the country as a market for dumping goods.

He called on the Nigerian and Chinese business communities to work harder to reduce the trade imbalance between both countries which is currently in China’s favour.

A statement issued from China by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, said Buhari spoke at the opening of a Nigeria-China Business/Investment Forum.

Buhari said that trade and economic relations between both countries must be mutually-beneficial and conducted with reciprocated respect and trust.

“Although the Nigerian and Chinese business communities have recorded tremendous successes in bilateral trade, there is a large trade imbalance in favour of China as Chinese exports represent some 80 per cent of the total bilateral trade volumes. This gap needs to be reduced.

“Therefore, I would like to challenge the business communities in both countries to work together to reduce the trade imbalance.

“You must also imbibe the spirit of having a mutually beneficial relationship in your business transactions. You must not see Nigeria as a consumer market alone, but as an investment destination where goods can be manufactured and consumed locally,” Buhari told the gathering.

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