Royal Times of Nigeria.
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
TRENDING
Kwara Gov launches 10-year agric transformation plan
Armed Forces Remembrance Day: Gombe Governor Leads Dignitaries...
 Gov AbdulRazaq seeks support for families of fallen...
KWARA GOVT WARNS AGAINST WASTE DISCHARGE TO ASA-DAM...
Pro-AbdulRazaq APC Elders, Chieftains Embrace Samari, Calls Opposing...
KWARA 2023: APC Ward Secretaries Drum support for...
AbdulRazaq govt flags off asphalt upgrade, maintenance of...
Community Policing: Traditional Rulers Have Constitutional Role to...
The Thrumming Trump in a Traumatic Trance
Shao Community Lauds Gov AbdulRazaq on Road Construction
Kwara APC Elders laud AbdulRazaq, declare unalloyed support
ARMED FORCES REMEMBRANCE: KWARA GOVT SALUTES FALLEN HEROES
ARMED FORCES REMEMBRANCE EMBLEM APPEAL WEEK: KWARA GOVERNMENT...
Alajagusi holds stakeholders meeting, says more communities to...
Group Kicks off ‘Youth Parliament’ Radio Programme

Royal Times of Nigeria.

Banner
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
Business & EconomyForeignOpinions

Nigeria-China Trade Deficit

written by Royal Times of Nigeria July 20, 2018
Nigeria-China Trade Deficit

Nigeria’s economic relationship with China is heavily characterised by trade. However, Sino-Nigerian relations are far from equal. Nigeria runs a trade deficit with China. We import seven point six billion dollar worth of goods and only export a mere one point six billion dollar. Even Chinese officials recognise the uneven nature of this relationship that Chinese Embassy official, Zhao Linxiang stated that expanding exports to China would balance the trade relationship which currently favours China by providing the necessary boost to Nigeria’s economy.

Findings by G.A. Oyeranti, M.A. Babatunde, and E.O. Ogunkola from the University of Ibadan also reveal that Chinese investment places a concentrated focus on sectors which are of strategic interest to China, particularly the extractive industries. Does any of this sound strangely familiar? It should. We have seen this exact pattern before, in the case of the British Empire’s slow, parasitic colonization of Nigeria.

China’s relations with many countries today closely resemble the immediate precolonial relations between European and African countries. First, trade agreements are made between two countries. These agreements may even seem equal at the beginning. Then, relations slowly become more hierarchical and exploitative, eventually leaving the subaltern country in a state of dependency that will last for decades.

The powerful country comes to Nigeria and entices us with promises of widespread development and prosperity, only to appropriate our resources and leave our land and people devastated. Some argue that China’s stakes in Africa are not neo-colonial in any way. Beijing claims that Chinese involvement improves the terms of trade and reduces the inequality of exchange. However, this argument completely ignores the indispensable role of local production in development of any kind.

China’s presence means that fewer jobs are left for the Nigerians who so direly need them to survive. The construction of new airport terminals in Abuja, Lagos, Port Harcourt, and Kano, for example, was handled by the China Civil Engineering Construction Corporation (CCECC). Where foreign involvement thrives, local production suffers.

We literally cannot afford to make this mistake again. Not while we are still dealing with the ill effects of British colonialism. As a result, we must see foreign investment for what it is: diversions on the road to development. May God bless our country, Nigeria.

Funmilayo Adetokunbo, a Political and International Affairs analyst writes from Somerset, England, United Kingdom.

Join our twitter community :

Follow @royaltimesng
0 comment
0
Facebook Twitter Google + Pinterest
Royal Times of Nigeria

previous post
Two died, Several Injured In Trailer-Bus Accident at Agege,Lagos
next post
What About our Mother Tongue?

You may also like

Prince’s family sues hospital, pharmacy for death

April 25, 2018

Israel approves Jewish-Nation state law

July 19, 2018

Donald Trump to withdraw US from Arms Trade...

April 27, 2019

Russia, Turkey urge US to stop threatening rhetoric...

July 31, 2018

Nine Killed In Eastern DR Congo

December 12, 2018

US Navy ship and oil tanker collide near...

August 21, 2017

Naira appreciates at the parallel market…See latest exchange...

June 1, 2018

Nigeria’s capital importation declines by twenty-five percern in...

February 14, 2019

Uber loses licence to operate in London

September 22, 2017

COVID-19: UK Researchers Intend to Infect Volunteers to...

October 20, 2020

Leave a Comment Cancel Reply

Facebook
  • Orisabunmi’s death, end of an era: Kwara Governor

    January 6, 2021
  • ‘Chadwick Boseman role will not be recast in Black Panther 2’

    December 11, 2020
  • Burna Boy And Wizkid To Perform At The Livespot X-Clusive Concert

    December 10, 2020
  • Davido loses personal bodyguard of over 11 years

    December 9, 2020
  • Odemwingie apologize to Kanu & Amara

    December 9, 2020
  • Kwara United Shocks Plateau United Away As NPFL Returns

    December 28, 2020
  • Arsenal’s Europa League youngsters could start in the league ― Arteta

    December 11, 2020
  • Neymar makes stand against racism

    December 10, 2020
  • Italy’s World Cup hero Paolo Rossi dies at 64

    December 10, 2020
  • WAFU tourney: Flying Eagles tackle Ghana for s’final spot

    December 9, 2020
  • Facebook
  • Twitter
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy

@2017 -Royaltimes of Nigeria. All Right Reserved.