CHINA’S ECONOMIC DIPLOMACY AND ITS IMPLICATION FOR THE NIGERIAN ECONOMY: AN ASSESSMENT OF THE MINING SECTOR (2010-2020)
Bridget Auta Mathew, Ruth Usman Yusuf and Dr Titus Wuyah Yunana
Volume 8 Issue 1
Abstract
This study examined China’s Economic Diplomacy and its Implication for the Nigerian Economy: An Assessment of the Mining Sector (2010-2020). Despite the continuous opening of the Nigerian economy to developed nations like China whose economy is heavily diversified with the capacity building to export varieties of produce, especially in this era of globalization in which the country needs to utilize the opportunity in order to benefit more and develop, yet Nigeria is still underdeveloped. The World Systems Theory was adopted as a theoretical framework to guide the study. The choice of the theory is informed by the fact that, the boundaries of a worldsystem are formed by the extent and reach of a given social division of labour a world-system is a ‘spatial/temporal zone which cuts across many political and cultural units, one that represents an integrated zone of activity and institutions which obey certain systemic rules. It also expanded to cover the entire globe absorbing in the process all existing mini-systems and world-empires; establishing market and production networks that eventually brought all people around the world into its logic, and into a single worldwide structure. In-depth Interview was used as an instrument to source for primary data. The study found out that, China’s economic diplomacy in Nigeria in the mining sector is not mutually beneficial as it appears. Even though, the Chinese economic activities in the Nigerian mining sector increases the revenue base of the Nigerian government through the payment of tax and royalties, and the country has foreign exchange with regards to mineral export to China. Also, this economic relation is termed to be based on equal advantage when an MOU is signed between both countries, though on document, in reality mineral trading is usually to the disadvantage of Nigeria as a producer of raw material to China, and as a ready market for manufactured goods from China. More also, jobs have been created and will be so with the continued presence of the Chinese in the mining sector, but the jobs created are mostly menial or unskilled as the Chinese also brings in their nationals to take up such jobs, these are jobs that Nigerians can do, and with most of the skilled jobs being given to Chinese nationals. The Environment is an issue of concern, as a result of Chinese mining activities in Nigeria; this tends to have a negative effect on the environment, and the Chinese shows less concern in this regard. The Nigerian government should checkmate Chinese mining activities in order to safeguard the environment and jealously protect the economy, the Chinese investors are to keep the environment at heart while working, and abide by the rules and regulations of mining. Keywords: China, Diplomacy, Economic, Economy, Mining
Download Paper