Chinese, Nigeria Boost Trade As ENL, Sinoma Sign Agreement

Sinoma Cargo International Nigeria Limited has signed an agreement with Nigeria’s leading terminal operator, ENL Consortium Limited, to boost shipping trade between China and Nigeria.

The agreement was signed in Lagos on Wednesday at the 5th China-Nigeria Logistics Special Line Platform Supply Chain Conference.

The conference, which is held annually, was organised by the Lianyungang Port Holdings Group Co.,Ltd, Sinoma International (Nanjing) Engineering Co.,Ltd, NJZC International Construction Nig. Ltd and ENL Consortium Ltd.

In his address at the event, the Commercial Consul of Consulate-General of the People’s Republic of China in Lagos, Guo Pengwen, noted that the existing bilateral relationship between Nigeria and China has huge potentials, following the trade volumes between the two countries.

“China-Nigeria special line logistics is also promising. In international trade, logistics is a very important link, which plays a very important role in the cost, safety, convenience, and timeliness of international trade. The superposition of international geopolitical conflicts, the epidemic of the century, and the changes of the century have led to violent fluctuations in the global supply chain, and the cost of international logistics and warehousing has risen sharply.

“To build a new development pattern of domestic and international dual circulation, it is necessary to make up for the shortcomings of international logistics as soon as possible, and create a global supply chain logistics system that works for us,” the Commercial Consul said.

In her presentation, the executive vice chairman/CEO of ENL Consortium, Princess Vicky Haastrup, recounted how the trade relationship between Nigeria and China has evolved since the 1970s.

“Given these trade relations, the rise of the Chinese economy has changed the direction of Nigeria’s trade and investment from its traditional trading and investment partners such as the United States and Western Europe towards China, India, and Brazil.

“The recent increase in Chinese investment in Nigeria provides an alternative source of external finance to Nigeria. This is not unconnected with the agreement signed between the two countries on the establishment of China Investment Development and Trade Promotion Centre in Nigeria and the Nigeria Trade Office in China.

“The operations of Chinese companies within Nigeria’s territory especially in areas of oil and gas, electric power, construction, real estate, and telecoms have further strengthened bilateral cooperation between the two countries,” she said.

Haastrup regretted that Nigeria’s effort aimed at increasing its export to China has been limited by a lack of exportable commodities, coupled with a poor competitive position.

Also speaking, the chairman, Nigerian Ports Consultative Council, Otunba Kunle Folarin, expressed optimism that Nigeria-China trade relations will continue to grow considering the huge economic potentials of both countries.

The conference was attended by the representatives of terminal operators, shipping lines, importers, exporters and traders from both China and Nigeria.