China has announced its readiness to implement a zero-tariff policy for Nigerian exports, aiming to boost trade and deepen economic cooperation between the two nations. This move is part of China’s broader strategy to grant duty-free access to 53 African countries, including Nigeria, for over 98% of taxable goods.
The policy is expected to significantly enhance Nigerian exports to China, particularly in sectors like agriculture, textiles, solid minerals, and manufactured goods. Nigerian exporters stand to save billions over the next decade, with potential cumulative benefits exceeding $400 billion.
Chinese Ambassador to Nigeria, Yu Dunhai, emphasized China’s commitment to supporting Nigeria’s industrialization and economic diversification through this initiative. The move is seen as a strategic win-win for both countries, strengthening China-Nigeria Comprehensive Strategic Partnership.
The zero-tariff policy is anticipated to increase African exports to China from $170 billion to $250 billion annually. Nigeria aims to become a net exporter to China within the next five years, leveraging opportunities in agriculture, manufacturing, digital trade, and green energy.
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