China Grants Duty-Free Access to Nigeria and Other Developing Countries

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China Grants Duty-Free Access to Nigeria and Other Developing Countries

China Grants Duty-Free Access to Nigeria and Other Developing Countries

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China has officially offered duty-free market access to Nigeria and several other developing nations as part of its commitment to boosting global trade and economic cooperation. The announcement was made through the Chinese Ministry of Commerce, stating that the new trade measure aims to strengthen ties with partner countries, particularly in Africa, Asia, and Latin America. The move will allow a wide range of products from these nations to enter the Chinese market without import tariffs. For Nigeria, this presents a significant opportunity to expand exports, especially in sectors such as agriculture, textiles, and solid minerals. Analysts say this could help reduce Nigeria’s trade deficit and improve foreign exchange earnings. China’s offer is seen as part of its Belt and...

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