18 Views

Here Is One Of The Benefits Of President Muhammadu Buhari’s Recent Trip To China

Godwin Emefiele has disclosed one of the benefits of President Muhammadu Buhari’s recent trip to China targeted at infrastructural development.  
China will soon begin to import goods from Nigeria, Godwin Emefiele, Central Bank of Nigeria (CBN) governor has said. It is expected that the move will help narrow the very wide trade gap between the two countries, according to the Leadership.

Emefiele said the federal government is “talking with China” so it would also be “importing some of its own items from Nigeria”.

Speaking at a press conference at the World Bank headquarters in Washington, on the last day of the 2016 World Bank/IMF spring meeting, he also said part of Nigeria’s deal with China is that the country becomes the Asian country’s trading hub in West Africa.

“China has appointed South Africa as its trading hub for Remnibi transactions in the south African region, has appointed Kenya as its trading hub for east and central Africa,” he said.

“And Nigeria, the mandate that we signed is for us to be appointed as the trading hub in the West African sub region. In all, we expect that it is going to be mutually beneficial.

“We are talking to China so that it would also be importing some of its own items from Nigeria, so that the trading balance can be sort of reduced.

“Will Nigeria benefit from this? I want to say categorically that Nigeria benefits from this. It’s less pressure on the dollar and consequently on our reserves.”

Emefiele added that the CBN could not continue with indeterminate adjustment (devaluation) of the currency, without taking necessary structural reforms.

“For the first time, we are taking structural reforms seriously in the country. We’ve always talked about, oh, when you do an adjustment, follow it up with structural reforms.

“But we are saying this time we’ve done an adjustment and we are following it up with structural reform, where we are saying we must diversify the economy away from depending on oil.

“I’ve said it that we have seen people who are coming in an investing, during the china trip, we saw people who said they can now come in instead of exporting those items into Nigeria, they can now bring those plants into Nigeria and begin to produce those things in Nigeria because our climate is good,” he said.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Triple MG boss, Ubi Franklin Did The Unthinkable For One His Female Staff, Nicole.
Entertainment
1 views
Entertainment
1 views

Triple MG boss, Ubi Franklin Did The Unthinkable For One His Female Staff, Nicole.

MT - September 22, 2017

Triple MG boss, Ubi Franklin shared this Photos of his female staff, Nicole who was proposed to by a lady in his Abuja office. Her boyfriend sent…

See Why You Could Be Beaten Black And Blue In Ondo State If You Mention Or Defend Asiwaju Tinubu’s Name
Politics
6 views
Politics
6 views

See Why You Could Be Beaten Black And Blue In Ondo State If You Mention Or Defend Asiwaju Tinubu’s Name

MT - September 22, 2017

The mention or the defense of the name of the celebrated national leader of the APC, in the person of Asiwaju Bola Ahmed Tinubu, the Jagaban of…

Never Seen Photos Of Billionaire Femi Otedola Eldest Daughter, Olawunmi Otedola
Richest
14 views
Richest
14 views

Never Seen Photos Of Billionaire Femi Otedola Eldest Daughter, Olawunmi Otedola

MT - September 22, 2017

Nigeria billionaire oil Mogul, Femi Otedola is blessed with four children: three girls, and a son. His first daughter, musician Olawunmi Christine Otedola and the last born…

Meet The Female Court Clerk Who Got Suspended For Wearing Very Short, Squeezing Dress To Work.
Shocking
15 views
Shocking
15 views

Meet The Female Court Clerk Who Got Suspended For Wearing Very Short, Squeezing Dress To Work.

MT - September 22, 2017

Namuwanga Rosemary, a Kasangati court clerk was served a suspension letter for wearing a short and tight dress to work, by the permanent secretary Mrs Josephine Muwonge…

9 Rich Nigerians You Don’t Know Live In Banana Island – #5 Hosted Chris Brown When He Came To Nigeria [Photos]
Richest
26 views
Richest
26 views

9 Rich Nigerians You Don’t Know Live In Banana Island – #5 Hosted Chris Brown When He Came To Nigeria [Photos]

MT - September 22, 2017

Banana island, an artificial isle near Lagos in Nigeria, often called a Billionaires Haven is a place where the most expensive and luxurious mansions are situated. Banana…

7 Best Features In iOS 11 That Will Make You Love Your Gadget Again       
Technology
17 views
Technology
17 views

7 Best Features In iOS 11 That Will Make You Love Your Gadget Again      

MT - September 22, 2017

Improvements from ios10 to iOS 11 will be key for Apple and the consumer’s needs. In June 2017 at WWDC 2017, the new iOS 11 was unveiled…

In Photos: A Quick Look Into The Fabulous And Luxurious Life Of P-Square Brothers, Before The Beef
Entertainment
50 views
Entertainment
50 views

In Photos: A Quick Look Into The Fabulous And Luxurious Life Of P-Square Brothers, Before The Beef

MT - September 22, 2017

  They are the richest and most famous artist in West Africa (even Africa). With over a hundred million in their name and luxurious condos across the…

Chelsea Youngster Set To Dump England For Nigeria For This Reason
Sports
23 views
Sports
23 views

Chelsea Youngster Set To Dump England For Nigeria For This Reason

MT - September 22, 2017

The Nigeria Football Federation (NFF) is much closer to securing the services of Chelsea FC of England forward Tammy Abraham to switch allegiance from England to Nigeria,…

Nigerian Singer, Simi Reveals Why Adekunle Gold Is The Only Artiste On Her Album
Entertainment
25 views
Entertainment
25 views

Nigerian Singer, Simi Reveals Why Adekunle Gold Is The Only Artiste On Her Album

Mabel - September 22, 2017

Nigerian singer, Simi has revealed why rumoured beau, Adekunle Gold is the only guest artiste on the album. Her debut album, Simisola, which has garnered much critical acclaim…

3 Quick Facts About Nigeria’s BBC’s Komla Dumor Award Winner, Amina Yuguda
Entertainment
26 views
Entertainment
26 views

3 Quick Facts About Nigeria’s BBC’s Komla Dumor Award Winner, Amina Yuguda

MT - September 22, 2017

For the second time in a row, a Nigerian, Amina Yuguda has won BBC’s World News Komla Dumor Award. The Komla Dumor award was established to honor African…

Nollywood Actress, Adesua Etomi Visits Edo State Governor, Godwin Obaseki
Entertainment
31 views
Entertainment
31 views

Nollywood Actress, Adesua Etomi Visits Edo State Governor, Godwin Obaseki

Mabel - September 22, 2017

Award-winning Nollywood star, Adesua Etomi on Thursday paid a courtesy visit to the Governor of Edo State, Godwin Obaseki, at the Government House in Benin City. The actress,…

Throwback: 10 Powerful Quotes From O.C Ojukwu About Biafra And Revolution
Politics
29 views
Politics
29 views

Throwback: 10 Powerful Quotes From O.C Ojukwu About Biafra And Revolution

MT - September 22, 2017

Nigeria seems intent on repeating history as the agitation of the past week has shown. The Nigerian military’s dedication to accomplishing the notorious Operation Python Dance mission…

Checkout Beautiful New Photos Of Former First Lady, Maryam Abacha And Her Daughter Gumsu
Nigerian Women
38 views
Nigerian Women
38 views

Checkout Beautiful New Photos Of Former First Lady, Maryam Abacha And Her Daughter Gumsu

Mabel - September 22, 2017

Former first lady and widow of late military president, Gen. Sani Abacha still looks very pretty. To her loved ones, Maryam Abacha is rare gem. There is…

Comedian, AY’s Brother, Lanre Makun Welcomes Twins With His Wife
Buzz & Trends
45 views
Buzz & Trends
45 views

Comedian, AY’s Brother, Lanre Makun Welcomes Twins With His Wife

Mabel - September 21, 2017

Nigerian top comedian and actor, AY Makun’s younger brother, Lanre Makun and his wife Joy Ofoebu have welcomed a set of twins. The couple who got married…

Hilarious Reasons Why Nigerians Eat Meat Last
Food and Health
64 views
Food and Health
64 views

Hilarious Reasons Why Nigerians Eat Meat Last

PH - September 21, 2017

You must have observed at the restaurant that many Nigerians eat their meat last. It raises the question, why do they eat the meat at the end…

How Singer Wizkid Made History As The First Afro-pop Musician To Debut Guinness Book Of World Records
Entertainment
76 views
Entertainment
76 views

How Singer Wizkid Made History As The First Afro-pop Musician To Debut Guinness Book Of World Records

Mabel - September 21, 2017

Nigerian Singer, Wizkid has not only dominated the African music arena, he is conquering new grounds on the international music field. The singer recently debuts Guinness Book of…

Here Are The Top 5 Traditional Dances From Eastern Nigeria
Art, History and Culture
50 views
Art, History and Culture
50 views

Here Are The Top 5 Traditional Dances From Eastern Nigeria

PH - September 21, 2017

Whether it’s celebratory, energizing, cathartic, funny, or just plain embarrassing, dance is one of the best art forms for expression. People gyrate in order to celebrate, commemorate…

Why Rev. Fr. Ejike Mbaka Asked Rangers FC To Return His N2 Million Donation
Religion
69 views
Religion
69 views

Why Rev. Fr. Ejike Mbaka Asked Rangers FC To Return His N2 Million Donation

Mabel - September 21, 2017

Catholic priest and Spiritual Director of Adoration Ministry, Enugu State, Rev. Fr. Ejike Mbaka, has reportedly asked for his N2 million donation he made to the Rangers…

Loading...