• Sunday, December 03, 2023
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ENL Consortium signs pact with Sinoma Cargo to boost Nigeria-China trade

ENL Consortium signs pact with Sinoma Cargo to boost Nigeria-China trade

Sinoma Cargo International Nigeria Limited has signed an agreement with ENL Consortium Limited, a leading terminal operator in Nigeria, to boost shipping trade between China and Nigeria.

The agreement was signed in Lagos recently at the 5th China-Nigeria Logistics Special Line Platform Supply Chain Conference, an annual event, organised by the Lianyungang Port Holdings Group Co., Ltd, Sinoma International (Nanjing) Engineering Co., Ltd, NJZC International Construction Nig. Ltd and ENL Consortium Ltd.

In his address, Guo Pengwen, the commercial consul of the Consulate-General of the People’s Republic of China in Lagos, said the existing bilateral relationship between Nigeria and China has huge potential, following the trade volumes between the two countries.

“China-Nigeria special line logistics is also promising. In international trade, logistics is an important link that plays a very important role in cost, safety, convenience, and timeliness. The superposition of international geopolitical conflicts, the epidemic of the century, and the changes of the century have led to violent fluctuations in the global supply chain, and the cost of international logistics and warehousing has risen sharply,” he said.

According to him, there is a need to make up for the shortcomings of international logistics by creating a global supply chain logistics system that works for both in order to build a new development pattern of domestic and international dual circulation.

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Vicky Haastrup, the executive vice chairman/CEO of ENL Consortium, who recounted how the trade relationship between Nigeria and China has evolved since the 1970s, said the rise of the Chinese economy has changed the direction of Nigeria’s trade and investment from its traditional trading and investment partners such as the United States and Western Europe towards China, India, and Brazil.

“The recent increase in Chinese investment in Nigeria provides an alternative source of external finance to Nigeria. This is not unconnected with the agreement signed between the two countries on the establishment of China Investment Development and Trade Promotion Centre in Nigeria and the Nigeria Trade Office in China,” she said.

According to her, the operations of Chinese companies within Nigeria’s territory especially in areas of oil and gas, electric power, construction, real estate, and telecoms have further strengthened bilateral cooperation between the two countries.

Haastrup regretted that Nigeria’s effort aimed at increasing export to China has been limited by a lack of exportable commodities, coupled with a poor competitive position.

Also, Kunle Folarin, the chairman of the Nigerian Ports Consultative Council, expressed optimism that Nigeria-China trade relations will continue to grow considering the huge economic potentials of both countries.

The conference was attended by the representatives of terminal operators, shipping lines, importers, exporters, and traders from both China and Nigeria.