POLITICAL ECONOMY OF NIGERIA-CHINA RELATIONS (1999 – 2013)
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POLITICAL ECONOMY OF NIGERIA-CHINA RELATIONS (1999 – 2013)
Abstract
It is no longer debatable that China has established itself as a force to be reckoned with in today’s global economy. This is reflected in the influx of economic activity from various foreign investors who are drawn to the availability of a market for their products and services in the country with a population of over one billion people (Ayantunji & Ayodele, 2009).
The research looks at the Political Economy of Nigeria-China Relations from 1999 to 2013. The examination of China’s connections with Africa has frequently been generalised, despite the fact that these relations vary significantly across the continent,
implying a need for more attention to the specificities of each country. Thus, the study assesses the impact of diplomatic and economic connections on Nigeria’s and China’s political economies. The study bases its investigations on dependency theory as the method of analysis, with a qualitative data gathering approach.
The information gathered was analysed using qualitative descriptive analysis. According to the report, Chinese manufacturing operations add to the country’s GDP but compete with domestic producers. Exports to China may help the bottom line as Nigerian suppliers discover a new market for their products, but the results are mixed.
Imports from China considerably outnumber exports, resulting in a large trade deficit and a flood of low-tech manufactured goods that could otherwise be produced domestically. According to the study, there is a big imbalance in commerce between Nigeria and China, as well as a need to enhance bilateral diplomatic relations.
According to the report, Nigeria’s first objective should be to strengthen its capacity to effectively manage its own policies towards China’s engagement.
Nigeria must recognise that China’s involvement provides it with a once-in-a-lifetime opportunity to greatly expand its development and formulate a long-term strategy.
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