In a significant move to bolster bilateral trade relations, the Nigeria Customs Service (NCS) signed a Memorandum of Understanding (MoU) with the General Administration of Customs of the People’s Republic of China (GACC) on Wednesday, May 8, 2024. The agreement, sealed in Shenzhen, aims to enhance economic cooperation and streamline import-export operations benefiting both nations.

Comptroller-General of Customs, Adewale Adeniyi, led the Nigerian delegation and emphasized the strategic importance of this partnership, particularly in supporting the burgeoning sector of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Adeniyi expressed gratitude towards Wang Lingjun, the Vice Minister of GACC, for his proactive engagement in the collaboration.

The MoU is set to establish a framework for both countries to cooperate on supply chain security and promote economic stability. “This partnership will create a cooperative mechanism for NCS and the GACC to collaborate on enhancing supply chain security standards and economic stability of both nations,” Adeniyi stated.

Highlighting the mutual benefits, the CGC pointed out the significant role of China in Nigeria’s trade ecosystem, acknowledging the substantial trade volumes and the prevalence of informal trade between the two countries. “The basic context of International Trade is ‘your export is our import’,” Adeniyi remarked, signaling a robust future for bilateral trade relations.

On behalf of the People’s Republic of China, Mr. Wang Lingjun, representing Vice Minister Sun Yuning, expressed satisfaction with the envisioned outcomes of the MoU. He echoed CGC Adeniyi’s sentiments about the potential for creating expansive economic opportunities and facilitating smoother trade operations between the two nations.

This strategic alliance marks a milestone in the efforts of both countries to enhance their economic ties and capitalize on the rapid expansion of e-commerce, which has become a vital component of global trade dynamics. The agreement is expected to pave the way for increased trade facilitation and economic growth, reinforcing the position of Nigeria and China as key players in the international trade arena.