Following the upgrading of Nigeria-China economic relations from strategic to comprehensive partnership, the federal government has urged Nigerian private and public enterprises to attend the 137th Canton Fair that will be held in China in April 2025.
This is to strengthen bilateral trade and economic relations that exist between the two countries.
This message was delivered Monday by the Director of Economic Trade, Federal Ministry of Foreign Affairs, Ambassador Bolaji Akinremi, when he addressed business people during the “137th Canton Fair Lagos Promotion Seminar” that was put together by the Lagos Chamber of Commerce and Industry (LCCI) and China Foreign Trade Centre Group (CFTC).
Akinremi advanced reasons Nigeria’s government was promoting a strong participation of Nigerian businesses in the Canton Fair, which included benefiting from the fair’s status as a global trading hub, its diverse industry representation, market expansion, fostering Nigeria’s bilateral economic relations with China as well as networking and partnership development.
He said; “It is intriguing that we are promoting the Canton Fair. But Nigeria and China have strategic partnership over the years. And in September last year, the presidents of China and Nigeria agreed to elevate the partnership to comprehensive strategic partnership. We are one of the few countries that have such relationship with China.”
Akinremi added: “I know very well that Nigeria has a lot to benefit. And I am employing both public and private sector in Nigeria to create time to attend this Canton Fair.
“The first thing why we need to enhance this fair is that we want to promote Nigeria-China trade relations. Trade is a global thing but it is not all trade that is good. There are trades that bring fake products into a country. But the Canton Fair does not promote fake products. Therefore, I am encouraging you.
“So having this kind of promotional seminar will reinforce Nigeria’s commitment to strengthen economic and trade ties with China.
“Attending the trade fair is going to assist our investment and export promotion and diversification into none oil trade. So, our participation will provide us an opportunity to showcase Nigeria export potentials, attract Chinese investments and encourage business partnerships.”
He also said participating in the fair would be good for Nigeria’s policy alignment and trade facilitation as, “we cannot be an island unto ourselves. When we attend fairs like this we know that we are aligning, particularly with Chia’s policies.
“It will support what local enterprises like the LCCI, Manufacturers Association of Nigeria (MAN) and others are doing. Nigerian businesses need to look to participate in Canton Fair. We have government support. Nothing ventured, nothing gained.
“Finally, it will strengthen bilateral agreements that Nigeria signed with China. If we do not act through this medium (Canton Fair), we will not know the strength of those bilateral agreements that we have signed.
“Therefore, participation in Canton Fair aligns with Nigeria’s broader trade and investment objectives. It reinforces our diplomatic and economic ties with China while creating opportunities for Nigeria in the global market. And I know no one will regret participating.”
In his address during the Canton Fair promotional seminar, the Deputy Consul General of Consulate-General of Peoples’ Republic of China in Lagos, Mr. Jin Mingyu, said the occasion was to witness the grand promotional seminar of the Canton Fair, which is China’s number one fair.
Mingyu said the fair, “serves not only as an important gateway for Chinese enterprises to enter the global market but also as a prime platform for international businesses to explore opportunities in China.
“As China’s third largest trading partner, Nigeria total bilateral trade volume was $21.88 billion in 2024, including $18.9 billion in export to Nigeria and $2.98 billion in import from Nigeria. China’s import from Nigeria grew by 25.2 per cent year on year in 2024.
“I firmly believe that through the Canton Fair as the bridge for Chinese and Nigerian enterprises.
“We want more Nigerian entrepreneurs to attend the Canton Fair, discover business opportunities, expand their markets and achieve success.”
Speaking in the same vein, the President of MAN, Mr. Francis Meshioye, said the seminar marks the beginning of the journey to the 137th Canton Fair scheduled for April 2025 for Nigerian enterprises.
Meshioye said: “Clearly, the fair represents a beacon of hope, a symbol of our shared commitment to fostering economic cooperation, a testament to the endless opportunities that await us and of course another milestone in the history of Nigeria-China trade relations.
“I am also hopeful that the fair, which is an annual monumental gathering, would become a strategic trade collaboration aimed at strengthening cooperation, up-scaling innovation and more importantly deepening shared commitment to enhance industrial development in Nigeria.”
