See how China business community welcomes President Buhari (PHOTOS)

– President Buhari opens Business Forum on production capacity cooperation of China-Nigeria in Beijing

– He urges Nigerian nnd Chinese business communities to reduce trade imbalance between two countries

President Muhammadu Buhari, who is currently in China for a week-long state visit, has attended the official opening ceremony of Business Forum on production capacity cooperation of two countries in Beijing on April 12.

President Buhari attends the official opening ceremony of Business Forum on China/Nigeria Production Capacity Cooperation in Beijing China.

President Buhari called on the Nigerian and Chinese business communities to work harder to cut the trade imbalance between both countries which is currently in China’s favour.

He said: “Although the Nigerian and Chinese business communities have recorded tremendous successes in bilateral trade, there is a large trade imbalance in favour of China as Chinese exports represent some 80 per cent of the total bilateral trade volumes. This gap needs to be reduced.

“Therefore, I would like to challenge the business communities in both countries to work together to reduce the trade imbalance.

“You must also imbibe the spirit of having a mutually beneficial relationship in your business transactions. You must not see Nigeria as a consumer market alone, but as an investment destination where goods can be manufactured and consumed locally.” Buhari further added that his government was committed to supporting investors that were ready to establish manufacturing and processing facilities in Nigeria.

“Last year during our meeting in New York, President Xi Jinping and I agreed to explore ways of practical cooperation in trade, investment, finance, human resources, agriculture and fishing, the president stated.

“We also agreed to strengthen industrial capacity cooperation in the manufacture of cars, household appliances, construction materials, textiles, food processing, and others.

“This is in line with our government’s focus on import substitution through the creation of a diversified and inclusive economy that will meet most of our consumption needs.

“Already, our Federal Ministry of Industry, Trade and Investment is working on projects and programmes that will correct the wrongs of the past and enhance the ease of doing business in Nigeria.

“The ministry’s efforts will be complemented by investment tax incentive programmes, public sector reform initiatives as well as our zero tolerance stance on corruption.

“We also have an aggressive but realistic infrastructure development programme that forms the backbone of our economic diversification policy. We are embarking on major power, road, rail, seaport and airport development programmes that will enhance the competitiveness of manufacturing businesses in Nigeria.

“The future is bright and I am very confident that our policies will make Nigeria the investment destination of your choice,” Buhari told the Chinese investors.

The president is accompanied by Minister of Industry, Trade and Investment Okechukwu Enemalah, National Security Adviser Babagana Monguno and Minister of Foreign Affairs Geoffrey Onyeama.

READ ALSO: Infographics: President Buhari visited 22 countries

Buhari arrived in China on April 11 and was received by Mr Cheng, assistant minister of foreign affairs along with other senior Chinese government officials at the Beijing capital international airport.

President Buhari being welcomed by Mr Xu Shaoshi Chairman of National Reform and Development Commission in Beijing.

The delegation will then leave for a visit to Forbidden City.

The president’s visit is to secure greater support from China for the development of Nigeria’s infrastructure including the power, roads, railway, aviation, water supply and housing sectors.

President Buhari at the official opening ceremony of Business Forum on production capacity cooperation of two countries in Beijing on April 12.

President Buhari has so far visited 22 countries since his inauguration in May last year.

READ ALSO: Fulani herdsmen kill 44 in Taraba as Buhari’s government finally reacts

While the presidency justified the trips, saying they were necessary to bring the country back on the track of development and growth, Nigerians are not happy over their leader.

President Buhari speaking at the official opening ceremony of the China-Nigeria Business Forum in Beijing.

Power, Works and Housing Minister Babatunde Fashola and Minister for Trade and Investment Okey Enelamah in Beijing.

Minister Enelamah (extreme left) and other members of Buhari’s delegation to China.

 

 

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