Business
Nigeria, China Trade Imbalance Must Reduce – Buhari
Executive Secretary, Nigerian Shippers’ Council, Mr Hassan Bello (left) discussing with the Minister of State for Aviation, Sen Hadi Sirika, at the Sub-regional workshop on Transport Cost and Connectivity of West and Central African Countries in Abuja recently.
President Muhammadu Buhari has called on Nigerian and Chinese business communities to work hard to reduce the trade imbalance between the two countries currently in China’s favour.
A statement issued in Abuja by the Special Adviser on Media and Publicity to the President, Mr Femi Adesina, said Buhari made the call while speaking at a Nigeria-China Business/Investment Forum in Beijing, China, yesterday.
Buhari said that trade and economic relations between the two countries must be mutually beneficial and conducted with respect and trust.
“Although the Nigerian and Chinese business communities have recorded tremendous successes in bilateral trade, there is a large trade imbalance in favour of China as Chinese exports represent some 80 per cent of the total bilateral trade volumes.
“This gap needs to be reduced.
“Therefore, I would like to challenge the business communities in both countries to work together to reduce the trade imbalance.
“You must also imbibe the spirit of having a mutually beneficial relationship in your business transactions.
“You must not see Nigeria as a consumer market alone, but as an investment destination where goods can be manufactured and consumed locally,’’ he said.
The president said that his administration was committed to supporting investors that were ready to establish manufacturing and processing facilities in Nigeria.
“Last year, during our meeting in New York, President Xi Jinping and I agreed to explore ways of practical cooperation in trade, investment, finance, human resources, agriculture and fishing.
“We also agreed to strengthen industrial capacity cooperation in the manufacture of cars, household appliances, construction materials, textiles, food processing and others.
“This is in line with our government’s focus on import substitution through the creation of a diversified and inclusive economy that will meet most of our consumption needs.’’
The president said that the Federal Ministry of Industry, Trade and Investment was working on projects and programmes that would correct the wrongs of the past and enhance the ease of doing business in Nigeria.
He said that the ministry’s efforts would be complemented by investment tax incentive programmes, public sector reform initiatives as well as zero tolerance on corruption.
President Buhari said that his administration had embarked on an aggressive, but realistic infrastructure development programme that formed the backbone of the economic diversification policy of the government.
“We are embarking on major power, road, rail, seaport and airport development programmes that will enhance the competitiveness of manufacturing businesses in Nigeria.
“The future is bright and I am very confident that our policies will make Nigeria the investment destination of your choice,’’ President Buhari told the Chinese investors.
The president also assured them that his administration was doing everything possible to address concerns about security in Nigeria.
President Buhari said that to consolidate on recent successes against Boko Haram, close to 20 per cent of the 2016 budget had been allocated to the Ministries of Defence and Interior and as well as other security agencies.
“We are committed to protecting all lives and property within our borders. You can therefore be rest assured that your investments in Nigeria will be safe and secure,’’ he said.
Trade between Nigeria and China has grown astronomically in the last decade with bilateral trade volumes rising from 2.8 billion dollars in 2005 to 14.9 billion dollars in 2015.
Nigeria accounted for 8.3 per cent of total trade volume between China and Africa and 42 per cent of the total trade volume between China and the Economic Community of West African States (ECOWAS) countries in 2015.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
