President Muhammadu Buhari, who is presently in Beijing, China on an official visit, has called on Chinese investors to site industries in the country rather than dump their goods for sale.
Buhari, in a statement issued by his Special Adviser on Media and Publicity, Mr Femi Adesina, who said Buhari spoke at the opening of a Nigeria-China Business/Investment Forum, further 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.
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,” the statement read.