TITLE:
COVID-19, Sino-Nigeria Economic Relations and Consequences of Trade Deficits in Nigeria
AUTHORS:
Sunday Adiyoh Imanche, Ze Tian, Tosin Yinka Akintunde, Oluseyi Adewale Orelaja, Odette Tougem Tasinda
KEYWORDS:
Trade Deficit, Nigerian Economy, COVID-19, Nigeria, China
JOURNAL NAME:
Open Journal of Business and Management,
Vol.8 No.5,
September
3,
2020
ABSTRACT: The COVID-19 Pandemic has disrupted the world economic and diplomatic
relations between nations. The study investigates the effect of COVID-19
Pandemic on the political and economic ties between China and Nigeria. The
consensus from recent literature shows that the Coronavirus pandemic has
adversely affected economic and diplomatic relations between the two states. In
particular, it has exposed Nigeria’s over-reliance on importation from China. A
mixed methodology was used to perform analysis of recent and past trade
relations between China and Nigeria. We analyzed secondary data from UN
COMTRADE on past trade relations with China. The outcome of the study shows
that Nigeria trade relationship with
China is booming. However, in the last decade, Nigeria has imported more
foreign products from China than exportation. We also outline a necessary
readjustment for trade balance to ensure an equal exporting opportunity to
China to boost the Nigeria economy. It is
crucial to stabilize relations between China and Nigeria as both countries need
each other towards Sino-Nigeria Economic
partnership.