The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the federal government is “talking with China” in order to be “importing some of its own items from Nigeria so that the trading balance can be reduced.”
Speaking at a press conference at the World Bank headquarters in Washington DC, on the last day of the 2016 World Bank/IMF spring meeting, he also said part of Nigeria’s deal with China is that Nigeria would become the Asian country’s trading hub in West Africa.
“China has appointed South Africa as its trading hub for Remnibi transactions in the Southern 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 the West African sub region. In all, we expect that it is going to be mutually beneficial.” “Will Nigeria benefit from this? I want to say categorically that Nigeria will from this. It’s less pressure on the dollar and consequently on our reserves, he said.”
Emefiele, added, “I’ve said it that we have seen people who are coming in to invest. During the china trip, we saw people who said they can now come in instead of exporting those items into Nigeria; they can now bring those plants into Nigeria and begin to produce those things in Nigeria because our climate is good.