China Briefing is produced by Dezan Shira – Associates. The company supports foreign investors throughout Asia from branches worldwide, including in Dalian, Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong. Readers can write to firstname.lastname@example.org to get more help in their business activities in China. February 10, 2011 was the 40th anniversary of the establishment of diplomatic relations between China and Nigeria. China in Asia and Nigeria in Africa, and with the establishment of diplomatic relations, bilateral relations have entered a whole new phase. Frequent high-level visits on both sides have created mutual political trust, exchanges and cooperation in the economic, cultural, scientific, educational and health fields, etc. have been very fruitful. It was in October 1971 that Nigeria and other developing countries in Asia and Latin America withstood external pressure and fully helped China re-establish its legitimate seat at the United Nations (UN). Since then, cooperation between China and Nigeria in international affairs has expanded. More importantly, looking back on the last 40 years of Sino-Nigerian economic relations, we can assume or conclude that the reasons why relations resist unexpected changes in the international situation and have always remained new could be as follows: Aakaiye, O.
(2006). China and Africa: opportunities and challenges. The document presented to the African Union Task Force for Strategic Partnership between Africa and emerging countries in the South; 11-13 September, Addis Ababa. Another comparative study was conducted by Adeolu O, et al (2010), which examined the effects of the global financial crisis, as it influenced cooperation between China and Nigeria. The author estimated that the global financial crisis was triggered by the subprime mortgage crisis in 2007 in the United States of America (United States). The global financial crisis has been marked by a credit crunch, which has not affected the global economy since it became a large-scale crisis in late 2007. The crisis culminated in September 2008, when several major U.S. financial institutions collapsed. With regard to Nigeria and China – the fall in exports – Nigeria oil exports to Asia rose from $8.995.77 million in 2006 to $10.487 million and $13.973.39 million in 2007 and 2008. Similarly, Nigeria`s oil exports to China increased from $914.82 million in 2006 to $4,055.92 and to $4,412.65 million in 2007 and 2008. It appears, therefore, that the global economic crisis has not impeded bilateral trade flows (imports and exports) between Nigeria and China.
China`s post-Mao leaders, led by Deng Xiaoping, have adopted another economic development strategy called “reform and openness.” The reform meant changes in national economic and administrative systems, in particular the release of farmers from the communes, so that they could manage as families or in local industry and free industrial enterprises from competition in a market environment.