“When I was growing up, my parents told me, 'Finish your dinner. People in China and India are starving.' I tell my daughters, 'Finish your homework. People in India and China are starving for your job.'” - Thomas Friedman
Before we dwell further on China, it is apposite to briefly look at the experience of Japan. Those who are old enough would remember that this was exactly how Japanese products, including cars, were derided in those days when Europe and America dominated the manufacturing sector of the global economy. At the end of the 2nd World War, following the crushing defeat of Japan, the hitherto warmongering nation was banned from keeping any significant army not to talk of waging wars.
The first thing that the managers of the economy in China did was to roll out a stimulus package that focused on infrastructure projects. They prepared their workforce for manufacturing and globalization. They also invested in 5G telecommunications and encouraged investment in real estate. All the investments yielded fruits as more money found their way into the hands of the people which in turn energized consumption. The result is a consistent GDP growth, even in the first quarter of 2019.
Let us examine the state of Nigeria-China relations. Formal diplomatic relationship started in 1971, during the military era. The Nigerian regime found common interest in the Chinese regime which, at that time, was also unpopular with the international community. Strategic partnership did not start fully until 2005. Trade between Nigeria and China had steadily been on the increase. From $7.8 billion in 2010, it rose to $12.5 billion in 2017 and further rose to $15.3b in 2018.