Politics of BRICS Re-engaging Nigeria-China trade relations and development of manufacturing industries in Nigeria

Abstract

The economic interests and potential shift in global economic power of G7members, has in the recent time necessitated the bloc, BRICS as it saddles with trade relations among developing countries.  As a member, china has stood tall among others in her trade relations with Nigeria as bilateral trade volume between them has reached 7.6% accounting to$7.2 billion in 2018. Interestingly, the current currency swap deal signed, signals a driving force as china moves in fostering development in Nigeria, especially in the area of manufacturing sector. Thus, it is against this established premise that the paper examined the nexus between Nigeria’s trade relations with China and the development of manufacturing industries in Nigeria. Methodologically, the paper appropriated documentary method and data were ostensibly generated through secondary sources of data collection and analyzed in content. The theoretical debate and analyses for the study was anchored on the theory of commercial liberalism. The findings of the study revealed that despite the decline in the nation’s Foreign Direct Investment (FDI), at 21.3% which amounted to $3.5bn in the Second Quarter (Q2), of 2018 due to her tepid growth recovery, Nigeria economy has in the First Quarter (Q1), 2019 recorded 19.8% growth rate with manufacturing sector taking the highest share at 11.03%. The paper strongly recommends that inasmuch as Nigeria drives trade benefits and revenue from Chinese government, there should be swift protectionist policies aimed at shielding infants and indigenous manufacturing industries in Nigeria.