Trade Agreement Between Nigeria And China
Figure 3.4 Trade between China and Nigeria, 2000-2010 afe.easia.columbia.edu/special/china_1950_foreign_policy.htm Meanwhile, Nigeria`s trade deficit with China remains huge. While China publicly paints an image of equality, it continues to dominate relations with Nigeria, as I observed in a 2015 paper with Bukola Ajayi. We see this in unbalanced trade, Nigeria`s growing dependence on China and China`s growing importance in Africa. We have also drawn attention to the problem of falsified, falsified and poor quality medicines and other products imported from China to Nigeria. In July 2020, a secret loan agreement was signed between the two countries, with a clause that “the borrower (Nigeria) irrevocably contains any immunity for sovereign or other reasons for himself or his property in arbitration proceedings under Article 8(5), with the enforcement of an arbitral award under it, with the exception of military and diplomatic means. This clause sparked outrage in Nigeria, turning China into a new full-fledged colonizer of Nigeria by buying its sovereignty. After this exclusive agreement, China invested $6.6 billion in Nigeria.   Given the sensitivity of the topic, it is not surprising that the conversation has been highly politicized in several African countries. However, not all arguments are based on facts. In particular, a healthy debate on the benefits of China`s proposed treaties should avoid confusion due to a misunderstanding between the legal provisions contained in these agreements.
China`s needs also correspond to those of a collective Africa. It has not gone unnoticed that parts of the intra-African trade infrastructure are so bad that some African countries sell more products to the EU than to their neighbours. With the infrastructure built in China, AfCTFA will increase Africa`s production capacity and Africa has and will continue to have a large working population, although organizational and management capacities remain in high demand. AfCTFA will launch a transfer of agricultural labor, which currently accounts for 50 percent of the continent`s labor force, to industry, which is currently five times more productive in GDP but has no labor. Some nations will suffer in the short term to get through this transition. February 10, 2011 marks the 40th anniversary of the establishment of diplomatic relations between China and Nigeria. The frequent high-level visits of the two sides have established mutual political trust, exchanges and cooperation in the fields of economy, culture, science, education and health, etc. have been very fruitful. . .