Choice International Group (CIG) said Nigeria’s exports to China are expected to rise to $300 billion in three years.
The current exports currently peg at $1.77 billion.
According to its Chairman, Chief Diana Chen, while speaking on the Nigeria-China currency swap agreement, the policy was a strategy of the Chinese government to reduce countries’ dependence on the US dollar.
“The Chinese government just announced this year’s forecast that in two to three years, imports from Africa to China will hit $300 billion and now it is about $1.77 billion and so this looks like a significant form of growth if this opportunity is taken. This currency swap is also to avoid the US dollar depreciating with the other countries’ currencies.
If there is an engagement between the Nigerian government and business owners regarding the currency swap agreement, then there will be better understanding about how the policy works.
During the pandemic, the currency swap kept Chinese company construction work on going and I remember someone asking how much investment from other countries here in Nigeria was going on? But we were able to keep the work because most of them are financed by the IFB”, She said.