China-Nigeria Trade Relations and Economic Development of Nigeria, (1999-2023)
Abstract
The study is focused on China-Nigeria trade relations and Economic development of Nigeria between 1999-2023. The study was guided by three objectives which were to; examine China- Nigeria trade relations and their implications for the economic development of Nigeria; Investigate the impacts of China’s investments in oil and gas, agriculture and manufacturing sector on Nigeria’s economic development; and evaluate the currency Swap agreement policy of 2018 adopted to strengthen Nigeria-China trade relations. The study adopted a descriptive research design in the methodology and interpretative approach, relying on secondary data sources from both published and unpublished materials that offered various perspectives on the subject; for instance data from trade and economic reports, academic books, Journals, and internet-based resources. While the theory applied was Dependency Theory propounded by some Latin Americans in the Late 1950; Scholars like; Paul Prebisch, Usvaldo Sunkle, Samir Amin, Dos Santos, Andre Gunder Frank, Walter Rodney and Claude Ake, among others. Findings showed that there has been trade imbalance favoring China significantly; there has been dependence on primary exports of unprocessed raw materials by Nigeria to China and there has equally been a local industry struggles due to the intensed competition they do face to Chinese importations which have negatively impacted local businesses, among others. Therefore, the study recommend that Nigeria should invest in industrial development policies that will incentivize the production of value-added goods for export; Nigeria should implement a more coherent and consistent policy framework that supports local innovation and industrialization to enhance the impact of China-Nigeria technological transfers on economic development; among others.
