Nigeria-China trade relations: An impact assessment of bilateral asymmetry (2012-2022)

This study is an assessment of the trade relations between Nigeria and China as it affects the Nigerian economy. The focus is to examine the nature of trade between Nigeria and China for the period (2012-2022), to assess the economic impact of this trade relations on the Nigerian economy and to proffer possible solutions on how Nigeria – China trade relations can be improved upon. Using case study research design, the study assessed population of 6853 and a sample size of 55. Interviews were conducted by administering a set of open – ended semi – structured questions to respondents purposively selected among staffers of federal ministries, agencies, parastatals, banks and regulatory associations that interface on Nigeria-China trade relations. Secondly, descriptive statistics was used to analyze data collected from databases of certified statistical bodies warehousing trade data at international, regional and national levels. The assessment revealed that the trade relations between Nigeria and China are having an adverse effect on the growth, development, expansion and consolidation of local industries in the country. Also, there is high level of import dependence because of the leaders’ inability to diversify the economy from mono-product (crude oil) and make substantial contribution to the economy, especially, in the area of producing manufactured goods for both export and local consumptions. The study therefore recommends that the current trade liberalization policy of the Nigerian State (despite its good intents) should be overhauled as it largely favours China. Therefore governmental control of influx of manufactured goods as against unchecked trade liberalization is a sure way to nurture the Nigerian economy towards industrialization.