Recent data from the National Bureau of Statistics (NBS) showed that the value of Nigeria’s total trade stood at N9.19 trillion in the third quarter of 2019, being exports worth N5.29 trillion and imports worth N3.89 trillion.
However, the recent coronavirus outbreak in China, a country which is Nigeria’s number one trading partner in the world, is threatening the continued positive trade balance of N1.39 trn Nigeria recorded from the country in the third quarter of 2019.
Most traded agricultural goods between the two countries included sesamum seeds, whether or not broken; good fermented Nigerian cocoa beans; cashew nuts (shelled); superior quality raw cocoa beans; frozen shrimps and prawns; natural cocoa butter and cashew nuts (in shell). The two countries have separately called on travellers to be cautious, and if need be, restrict travels until the sneaky virus is contained. Though the Nigerian government said there would be no travel restrictions between the two countries and the National Assembly also rejected a motion to evacuate Nigerians from China, there are clear indications that some Nigerian businessmen have started boycotting China until the virus is contained. Data released by the Embassy of China in Nigeria showed that coronavirus infection had skyrocketed to over 17,205. Over 14,380 cases have been confirmed while over 361 persons had died. The immediate past president of the Abuja Chamber of Commerce and Industry (ACCI), Mr Tony Ejinkeonye, told Daily Trust Saturday that the outbreak of coronavirus in China and elsewhere had a global impact on business and economy.