A HISTORICAL CONTEXTUALIZATION OF SINO-NIGERIAN ECONOMIC RELATIONS, 1971- 2012

Johnson Olaosebikan Aremu, William Abiodun Duyile

Abstract


The study examined the economic relations between Nigeria and China. It investigated how Chinese firms contributed to the development of the Nigerian economy. This was done against the backdrop of the massive investment of China in the Nigerian economy. The study relied heavily on documentary data. The documentary data were however subjected to internal and external criticisms as well as textual and contextual analysis for authentication. The study found out that the Nigerian state, in its quest to buy goods and attract investments from Chinese investors, has ended up having a massive and unfavourable balance of trade deficit. The implications of these are increase in the nation’s unemployment level, dependence on the Chinese economy and lack of technological knowhow which has been partly the reason for its stagnated economy.

 

Article visualizations:

Hit counter

DOI

Keywords


trade, imbalance trade, unemployment, and developing economy

Full Text:

PDF

References


Olayiwola Abegunrin, “A Survey of Nigerian Foreign Policy: 1960 – 1988,” in Problems and Prospects of Sustaining Democracy in Nigeria: Voice of a Generation, edited by Bamidele O Ojo (Huntington, NY: Nova Science Publishers, 2001),p106

Nigeria: Bulletin on Foreign Affairs, 1(1), 1971, 36

Oye Ogunbadejo, “Nigeria’s Foreign Policy under Military Rule, 1966- 79”, International Journal, 35(4), 1980, 755

A March of Progress: Collected Speeches of General Olusegun Obasanjo (Lagos: Federal Ministry of Information)

B. Bukarambe: “Nigeria-China Relation: The Unacknowledged Sino-Dynamics,” in Topics on New Horizons for Nigeria in World Affairs edited by Joy Ogwu (Lagos: Nigerian Institute of International Affairs, 2005),p257.

J.M. Roberts: Modern History: From the European Age to the New Global Era (London: Duncan Bairds Publishers, 2007),p857

Aspe, & Gurra, J.A: The State and Economic Development: A Mexican Perspective, Proceedings of the World Bank Annual Conference on Development Economics, in L.H. Summers and S. Shah (eds) Washington: The International Bank for Reconstruction and Development, pp 12-14

Jan Erik, L. and Ersson, S: Comparative Political Economy: A development approach, Pinter, Second Edition, 1997

Aboyade, O: Issues in the Development of Tropical Africa( Ibadan: Ibadan University Press, 1976), p.10

Oyejide, T.A. & Obadan, M.I.: Applied economics and economic policy: in honour of Professor Emmanuel C. Edozien (Ibadan: Ibadan University Press, 1993), p.8. .

B. Porter: The USSR in Third World Conflict (Cambridge: Cambridge University Press, 1986),pp 109-111

Ibid

Roberts: Modern History: From the European Age to the New Global Era,p.789

Ibid

Ibid

Porter: The USSR in Third World Conflict,p.109

NIIA: Nigeria and China: Bilateral Ties in a New World Order (Papers presented at the fourth Nigeria- China Dialogue of Foreign Policy in the Nigerian Institute of International Affairs), p.7.

A.G. Nweke: Twenty Five Years of Nigerian Foreign Policy (Paper Presented at the Thirteenth Annual Conference of Nigerian Society of International Affairs, Ibadan, Nigeria, June, 1985),p.15

Roberts: Modern History: From the European Age to the New Global Era,p.737

Bukarambe: “Nigeria-China Relation: The Unacknowledged Sino-Dynamics,” in Topics on New Horizons for Nigeria in World Affairs, p.10

Ibid

Dan Omoweh, Ogaba Oche, and Osita Agbu: Issues in Nigeria & China Dialogue: Nigerian Perspective (Paper presented at the fourth Nigeria- China Dialogue on Foreign Policy in The Nigerian Institute of International Affairs, Lagos, Nigeria, May 3, 2001), p.70

Ogunkola et al: Cited from World Integrated Trade Solution (WITs) 2007. Note: Nigerian exported mostly Crude oil to China

L. Wong: The impact of Asian National Oil Companies in Nigeria (London: Chatham House, 2009), p.3

Omoweh, Oche, Agbu: Issues in Nigeria & China Dialogue: Nigerian Perspective, p.13

Wong: The impact of Asian National Oil Companies in Nigeria,p.4

Ibid.,p.3

Kaplinsky R, McCormick D & M Morris: The Impact of China on Sub- Saharan Africa.(London: DFID, 2006),p.6

Omoweh, Oche, Agbu: Issues in Nigeria & China Dialogue: Nigerian Perspective, p.13

Ibid.

Wong: The impact of Asian National Oil Companies in Nigeria,p.3

Omoweh, Oche, Agbu: Nigeria and China: Bilateral Ties in a New World Order,p.3

Ibid.

Wong: The impact of Asian National Oil Companies in Nigeria,p.3

Nigeria get $1 billion China rail loan. BBC News 2006-05-22. Retrieved 2017-08-31

Ibid.

Ibid.

Ogunkola: Cited from World Integrated Trade Solution (WITs) 2007.

“China launches Satellite for Nigeria” MSNBC. 2007- 05-14. Retrieved 2017-08-22

“Nigeria turns to China for Defense Aid”, Financial times. 2006-2-07. Retrieved 2017-09-02

Ibid.

Omoweh, Oche, Agbu: Nigeria and China: Bilateral Ties in a New World Order, p.4

Ibid., p.54.

Ibid.

Ibid




DOI: http://dx.doi.org/10.46827/ejefr.v0i0.360

Refbacks

  • There are currently no refbacks.


Copyright (c) 2018 Johnson Olaosebikan Aremu, William Abiodun Duyile

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

The research works published in this journal are free to be accessed. They can be shared (copied and redistributed in any medium or format) and\or adapted (remixed, transformed, and built upon the material for any purpose, commercially and\or not commercially) under the following terms: attribution (appropriate credit must be given indicating original authors, research work name and publication name mentioning if changes were made) and without adding additional restrictions (without restricting others from doing anything the actual license permits). Authors retain the full copyright of their published research works and cannot revoke these freedoms as long as the license terms are followed.

Copyright © 2016 - 2023. European Journal of Economic and Financial Research (ISSN 2501-9430) is a registered trademark of Open Access Publishing Group. All rights reserved.

This journal is a serial publication uniquely identified by an International Standard Serial Number (ISSN) serial number certificate issued by Romanian National Library. All the research works are uniquely identified by a CrossRef DOI digital object identifier supplied by indexing and repository platforms. All the research works published on this journal are meeting the Open Access Publishing requirements and standards formulated by Budapest Open Access Initiative (2002), the Bethesda Statement on Open Access Publishing (2003) and  Berlin Declaration on Open Access to Knowledge in the Sciences and Humanities (2003) and can be freely accessed, shared, modified, distributed and used in educational, commercial and non-commercial purposes under a Creative Commons Attribution 4.0 International License. Copyrights of the published research works are retained by authors.