Nigeria risks missing the economic benefits of China’s zero-tariff policy unless it urgently boosts production capacity, improves standards and cuts trade costs, experts and stakeholders have warned.
China has opened its vast market to products from 53 African countries by removing tariffs on all tariff lines. However, Nigeria will not automatically benefit from the new access unless it can produce enough goods that meet Chinese standards, compete on cost and move through an efficient trade system.
Experts spoke on Wednesday at the international seminar convened by the Centre for China Studies.
The seminar, organised in collaboration with the Embassy of the People’s Republic of China and the Nigerian Institute of International Affairs, was attended by stakeholders from the Manufacturers Association of Nigeria, Standards Organisation of Nigeria, World Health Organisation, Nigeria Customs Service, representatives of government, business organisations, trade and industry bodies, scholars and other stakeholders in Nigeria-China relations.
The seminar was themed, “China’s Zero-Tariff for African Countries and its Implications for Structural Economic Transformation in Africa.”
