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| CBN Gov. Godwin Emefiele |
The Governor of the
Central bank of Nigeria (CBN), Godwin Emefiele, has said the Federal Government
was talking with China so it would also be importing some of its own
requirements from Nigeria.
According to Emefiele, this would help to reduce the gap in trading between the two countries. He was speaking at a press conference at the World Bank headquarters in Washington, on the last day of the 2016 World Bank/IMF spring meeting. Emefiele also said part of Nigeria’s deal with China was that the country became the Asian country’s trading hub in West Africa.
According to Emefiele, this would help to reduce the gap in trading between the two countries. He was speaking at a press conference at the World Bank headquarters in Washington, on the last day of the 2016 World Bank/IMF spring meeting. Emefiele also said part of Nigeria’s deal with China was that the country became 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. And
Nigeria, the mandate that we signed is for us to be appointed as the trading
hub in West African. 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 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,”
he said.