Business
Envoy Wants Review Of Nigeria,China Trade Imbalance
Nigeria’s Ambassador to China, Aminu Wali said on Thursday that Nigeria would have to increase its exports to China as the trade balance was in the ratio of 7:1 in favour of the Asian country.
“Chinese exports to Nigeria stood at seven billion dollars in 2010, while Nigeria exported goods worth a little less than one billion dollars to China during the period.”
Wali, who spoke with a group of Nigerian journalists in Beijing, noted that Chinese businessmen and government were anxious to buy goods from Nigeria.
“Some Nigerian businessmen had approached us for information on doing business in China and we always encouraged them to look more in the areas of solid minerals and agricultural produce.
“Nigeria is currently China’s second biggest trading partner in Africa after South Africa, but we can be number one in two to three years.
“Though China is making inroads in the Nigerian oil sector, I am more concerned with the solid minerals and agricultural produce.”
Wali observed that China had been able to remove 300 million of its citizens from living below the poverty level in the last 30 years, adding that Nigeria could adapt the Asian country’s model.
Reports said that China still has 150 million of its 1.3 billion population living below poverty level, but that indications on ground show that they would soon be prosperous.
“There are Chinese that are still poor but they have the basic necessities of life including electricity, pipe borne water and food on their table.
On the influx of inferior goods into Nigeria from China, Wali said that dubious Nigerian businessmen were largely to blame.
He noted that Chinese goods were meeting the standard in the U.S., the EU and other developed nations but remained sub-standard in Nigeria because Nigerian importers wanted maximum profit.
He, however, said that the Standard Organisation of Nigeria (SON) and its Chinese counterpart had been meeting over the issue and would soon sign an agreement that would ensure that Chinese exports to Nigeria were inspected and certified before being allowed into Nigeria.
Wali noted that the enabling environment for the setting up of industries in Nigeria was also being addressed.
According to the ambassador, no Chinese industrialist will be too eager to move his factory to Nigeria for now because of unstable electricity supply.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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