This study examined Nigeria and China Bilateral Currency Swap: Economic Implications and Prospects. Survey design was used to determine the impact of Nigeria – China economic ties on Nigerian imbalance of payment, foreign reserve, consumption of local products and job creation among others. The responses from the audience reveal that Nigeria and China Bilateral Currency Swap agreement will encourage job creation and importation activities in the country. While more than 50% of the respondents echoed that this agreement will increase imbalance of payment, reduction in foreign reserve and less consumption of domestic products. The study concludes that this agreement will cause future development of trade between the two countries and improve liquidity. In order to enhance employment opportunity in the country, the local engineer should be trained and employed to collaborate with Chinese. The economic cord will make accessibility of fund easier. Therefore, importers, exporters and other type of business ventures are expected to use the opportunity and boost their operations. Government and business managers should make use of the available fund and diversify in other sectors like agriculture, establishment of local industries and focus on the products for exportation. The study recommends the implementation of suitable policy on importation, to avoid the idea that Nigeria will become a dumping ground for Chinese products.
CITATION STYLE
Kanu*, C. … Ugwuoke, C. (2020). 1880 Retrieval Number: F7603038620/2020©BEIESP DOI:10.35940/ijrte.F7603.038620 Journal Website: www.ijrte.org Published By: Blue Eyes Intelligence Engineering & Sciences Publication Nigeria and China Bilateral Currency Swap: Perceived Economic Implications and Prospects: International Journal of Recent Technology and Engineering (IJRTE), 8(6), 1880–1891. https://doi.org/10.35940/ijrte.f7603.038620
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