Most importantly, China is reputed as ‘the factory of the world’ and Nigeria as not only the largest market in Africa but also an import dependent economy. Meaning that, in the immediate term China has the capacity to supply nearly all the consuming needs of Nigeria.As at today Chinese Yuan to Naira is hovering at #105 official and #128 black market exchange rate while dollar is traded at around #757 official and 917 black market.
Lessons for Nigeria in China s achievements in developmental drive and anti-poverty peoplesdailyng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from peoplesdailyng.com Daily Mail and Mail on Sunday newspapers.
While Nigeria under President Bola Tinubu could use China as a model (in combination with existing models) for reducing poverty and achieve overall development; the FGN and the Federating units must continue to strive to create creative conditions for wealth generation and greater opportunities for Nigerians just as China is doing for the Chinese.
Since reform and opening-up began in the late 1970s, China has undergone an unprecedented urbanization process that has lifted nearly 800 million people out of poverty. While urbanization significantly accelerated China's economic and social development, it has also had negative effects on rural China.