Nigerian daily newspapers have reported that “Nigeria’s economic freedom score is 55.6, making its economy the 120th freest in the 2015 Index. Its score has increased by 1.3 points since last year, with improvements in five of the 10 economic freedoms, including economic development, freedom from corruption, and the management of government spending such as the Nigerian stock exchange, outweighing a decline in monetary freedom”.
Also, according to experts, Nigeria needs to be careful about being used by China as a dumping ground for cheap Chinese export, especially textiles, as this will increase the existing trade imbalance between the two nations for the favor of China economy and might lead to more job losses in Nigeria.
China’s exports to Nigeria are currently assessed at $3 billion, while Nigeria’s exports are evaluated at just $1 billion, a trade gap of $2 billion. With the rebasing of Nigeria’s economy, which now places her in the most obvious position as the biggest economy in Africa, No serious outside African financial experts can disregard the current Nigerian economy for investment.
To counter the growing monetary relations between China and Africa, American president Barack Obama confirmed the structure of the Nigerian economy during his visit to Africa and offered a $7 billion infrastructure loan to Africa.
However, the Leadership newspaper Nigeria also reports, that Adesoji Tayo, the financial analyst, former staff of UNICEF, social advancement, professional and Information master, accepts that the worldwide monetary rivalry between the US and China can benefit Nigeria if adequate and positive steps are taken keeping in mind that the end goal is to put the nation at a worthwhile level.
China, the most crowded nation in the world has the fastest worldwide global economy in the most recent three decades, averaging 10 percent annually and has risen to be a key player in the worldwide economy. Accordingly, the growth brings in $5billion to around the sum of almost $15 billion China’s investments and loans to Nigeria lately.
Nevertheless, China economy is creeping the whole world and across Africa countries. China is rapidly taking control over from other super powers in the Nigerian economy.
While Nigeria is aware of the issues at hand and President Jonathan’s visit to China in 2014 was critical as it underlines Nigeria’s growing financial relations with China.
In a nutshell, a shop owner at GSM town Abuja, by name Ogbonna Chinedu also revealed to those that know the history of Nigeria how simple and useful it is to offer Chinese items.
Nigeria’s rule of law remains weak, and the corruption that accompanies high levels of government spending and pervades the oil sector inhibits private-sector growth.