67 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

Davido In A Relationship With A New “Girlfriend”? (See Photos)
Entertainment
12 views
Entertainment
12 views

Davido In A Relationship With A New “Girlfriend”? (See Photos)

MT - December 13, 2017

Since the news of the birth of her 2nd child, whose mother is an American, the music star, Davido, has been reassured to keep his relationships hidden. Earlier…

5 Nigerian Politicians PDP Should Consider As ‘Presidential Candidate’ To Defeat Buhari In 2019
Politics
31 views
Politics
31 views

5 Nigerian Politicians PDP Should Consider As ‘Presidential Candidate’ To Defeat Buhari In 2019

MT - December 13, 2017

Nigeria’s major opposition party, Peoples Democratic Party (PDP), has hinted that it has begun the search for a ‘sellable candidate’ who can match President Muhammadu Buhari in…

Why I Did Not Choose Jos As Nigeria’s Capital – Yakubu Gowon
Politics
18 views
Politics
18 views

Why I Did Not Choose Jos As Nigeria’s Capital – Yakubu Gowon

PH - December 13, 2017

Yakubu Gowon, former head of state, says he would have made Jos Nigeria’s capital, but for the fear of being accused of “parochialism and favouritism”. He said…

New Study: Women More Attracted To Strong Men With Broad Shoulders
Romance and Love
29 views
Romance and Love
29 views

New Study: Women More Attracted To Strong Men With Broad Shoulders

PH - December 13, 2017

Women are more attracted to strong looking men with broad shoulders and big muscles, researchers have said. According to the study, men’s upper body strength accounts for…

Young Female Barber Who Works At A Saloon In Lagos Trends Online. Here Is Why…..
Inspiring
32 views
Inspiring
32 views

Young Female Barber Who Works At A Saloon In Lagos Trends Online. Here Is Why…..

MT - December 13, 2017

A young lady has decided to fend for herself in a very uncommon way. According to reports, the lady identified as Adeola, a female barber and hair…

Meet The First Set Of Army Pilots Who Are Set To Fly War Planes. [Photos]
Best of Nigeria
37 views
Best of Nigeria
37 views

Meet The First Set Of Army Pilots Who Are Set To Fly War Planes. [Photos]

MT - December 13, 2017

The Chief of Army Staff, Lieutenant General TY commissioned the first set of Nigerian Army Pilots trained by the Nigerian Army Aviation School to fly war planes.…

Bobrisky, MMM, Nnamdi Kanu…Top Google Searches in Nigeria in 2017
Technology
26 views
Technology
26 views

Bobrisky, MMM, Nnamdi Kanu…Top Google Searches in Nigeria in 2017

PH - December 13, 2017

So much has happened in 2017 that it’s almost impossible to believe they all happened in one year. Today, Google announced the results of its 2017 Year…

How Obiano Humiliated Us – Edochie on Anambra Poll
Politics
42 views
Politics
42 views

How Obiano Humiliated Us – Edochie on Anambra Poll

PH - December 13, 2017

Yul Edochie has said Willie Obiano “really humiliated” other candidates in the recently held Anambra governorship poll. Edochie was the Democratic Peoples Congress (DPC) candidate in the election.…

Four Brilliant And Cute Nigerian Ladies Celebrate After Bagging First Class Degrees. Photos
Inspiring
35 views
Inspiring
35 views

Four Brilliant And Cute Nigerian Ladies Celebrate After Bagging First Class Degrees. Photos

MT - December 13, 2017

Congratulations are in order for these Nigerian ladies and good friends; Kristine Ekanem, Mobolaji Olorisade, Louisa Michael and one other who bagged First Class degrees from a…

2018 World Cup; What Super Eagles Coach Is Set To Do About Nigerian Players With Lack Of Playing Time
Sports
50 views
Sports
50 views

2018 World Cup; What Super Eagles Coach Is Set To Do About Nigerian Players With Lack Of Playing Time

MT - December 13, 2017

Ahead of the 2018 World Cup in Russia, the Super Eagles coach Gernot Rohr is st to meet with managers of club sides of Nigerian players. According…

Anambra Governor, Obiano Rocks Police Bullet Proof Vest Ahead Of Xmas Celebration
Politics
38 views
Politics
38 views

Anambra Governor, Obiano Rocks Police Bullet Proof Vest Ahead Of Xmas Celebration

MT - December 13, 2017

Governor Willie Obiano of Anambra – rocked a police bullet-proof vest, an helmet and a service boot as he posed at the State House in Awka, the…

Health Official Advises Farmers Not To Suck Snakebite Spots
Food and Health
36 views
Food and Health
36 views

Health Official Advises Farmers Not To Suck Snakebite Spots

MT - December 13, 2017

A U.S-based Nurse, Alloysius Nlekwa, has advised farmers not to suck the spots where they were bitten by snakes while on their farms. Nlekwa gave the advice…

2019 Elections: Buhari May Pick Tinubu As His VP, As Osinbajo Is Likely To Retire To Full Ministry At RCCG
Politics
51 views
Politics
51 views

2019 Elections: Buhari May Pick Tinubu As His VP, As Osinbajo Is Likely To Retire To Full Ministry At RCCG

MT - December 13, 2017

14 months to the next presidential election, there are indications that the ruling All Progressives Congress (APC) may have President Muhammadu Buhari-Asiwaju Bola Tinubu ticket, as one…

2 Nigerians Shortlisted for $1m Global Teacher Prize
Best of Nigeria
34 views
Best of Nigeria
34 views

2 Nigerians Shortlisted for $1m Global Teacher Prize

PH - December 13, 2017

Two Nigerian teachers have been nominated for the 2018 global teacher prize. The prize, put together by Varkey Foundation, comes with a monetary award of $1 million. Ayodele Odeogbola…

Video: EmmaOhMaGod Drops Street Version of The Gratitude’s “Raba Baba Eh”
Entertainment
31 views
Entertainment
31 views

Video: EmmaOhMaGod Drops Street Version of The Gratitude’s “Raba Baba Eh”

PH - December 13, 2017

COZA choir The Gratitude recently dropped their first music video “Raba Baba Eh“, also the lead song off their new album. Singer and comedian EmmaOhMaGod has now dropped a street version for…

How Kiss Daniel Earned Monthly Salary Of 30k, Missed Father’s Burial & Got Blocked By Basketmouth On Instagram
Entertainment
50 views
Entertainment
50 views

How Kiss Daniel Earned Monthly Salary Of 30k, Missed Father’s Burial & Got Blocked By Basketmouth On Instagram

MT - December 13, 2017

It is no longer news that Kiss Daniel, one of Nigeria’s most popular singers, is currently embroiled in a legal battle with his former record label, G-Worldwide.…

EbonyLife CEO, Mo Abudu Heaps Praises On Her Loyal Driver Of Almost 20 Years
Entertainment
50 views
Entertainment
50 views

EbonyLife CEO, Mo Abudu Heaps Praises On Her Loyal Driver Of Almost 20 Years

MT - December 13, 2017

Nigerian media mogul, talk show host and the CEO of EbonyLife TV, Mo Abudu, who has been described by Forbes as "Africa’s Most Successful Woman", has heaped…

Why FIFA Fines Nigeria In World Cup Qualifiers
Sports
54 views
Sports
54 views

Why FIFA Fines Nigeria In World Cup Qualifiers

PH - December 13, 2017

Nigeria has been fined over N2 million and forced to forfeit match against Algeria for fielding an ineligible player during the World Cup qualifiers. The Nigeria Football…

Loading...