Nigeria’s NCS signs MoU with China’s GACC to foster bilateral trade

The Nigeria Customs Service (NCS) has signed a Memorandum of Understanding (MoU) with the General Administration of Customs of the People’s Republic of China (GACC) to foster bilateral relations for enhanced economic developments between the two nations.

Adewale Adeniyi, Comptroller-General of Customs, and his team maintained that signing a bilateral trade agreement with China would boost the two countries’ import-export business, including the local businesses of MSMEs categories in Nigeria.

During the signing in Shenzhen, Adeniyi lauded the Vice Minister of GACC, Wang Lingjun, for showing interest in signing the MoU with the NCS.

We know a lot of Nigerian companies and SMEs take advantage of the opportunities aided through e-commerce, he added.

Following the assented signatories, Adeniyi expressed optimism, reiterating that the NCS-GACC Memorandum of Understanding will serve as a “cooperative mechanism for both countries to collaborate on supply chain security standards and enhance the economic stability of both nations.”

These are some of the many reasons why the Nigeria Customs Service pays attention to what is happening in China. As you have said, China is making the most significant trade in Nigeria, and the primary context of International Trade is ‘your export is our import’. I appreciate the numbers that you gain in Nigeria. But it is also common knowledge that those numbers sometimes must take account of the large volume of informal trade between us, Adeniyi said.

Mr Lingjun, on the other hand, expressed satisfaction over Adeniyi’s vision that the affiliation between the two agencies will serve as a mechanism for creating opportunities that Nigeria and China share on a wide range of economic issues and trade facilitation.

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