Boss Picks
Lopsided Trade Relation: How China Feeds Fat off Nigeria
Published
8 years agoon
By
Eric
By Eric Elezuo
The People’s Republic of China, in recent times, has been considered one of Nigeria’s closest allies and partners in terms of bilateral trade relations and strategic cooperation. China is also one of Nigeria’s important trading and export partners. According to a 2014 BBC World Service Poll, 85% of Nigerians reportedly view China’s influence positively, with only 10% expressing a negative view, making Nigeria the most pro-Chinese nation in the world.
Nigeria and China established formal diplomatic relations on February 10, 1971. Relations between the two nations grew closer as a result of the international isolation and Western condemnation of Nigeria’s military regimes (1970s-1998). Nigeria has since become an important source of oil and petroleum for China’s rapidly growing economy and Nigeria is looking to China for help in achieving high economic growth; China has provided extensive economic, military and political support.
The importance of China to Nigeria’s development necessitated that in 2004 and again in 2006, when the Chinese President, Hu Jintao, made state visits to Nigeria, he addressed a joint session of the National Assembly of Nigeria – a very rare privilege. Both nations signed a memorandum of understanding on establishing a strategic partnership, which shored up bilateral trade relationship to the tune of US$3 billion in 2006 from $384 million in 1998.
As the trade relationship develops, China secured four oil drilling licenses and agreed to invest $4 billion in oil and infrastructure development projects in Nigeria, and both nations agreed to a four-point plan to improve bilateral relations – a key component of which was to expand trade and investments in agriculture, telecommunications, energy and infrastructure development in a clear cut one sided growth. While Nigeria continued to receive, China has been giving, thereby ripping huge financial benefits from Nigeria in exchange
Although Nigeria maintains trade relations with Taiwan, and has a representative office in Taipei, it issued a joint communiqué with China in 2005, reaffirming that Beijing was “the only legitimate government representing the whole of China and Taiwan is an unalienable part of its territory”.
Furthermore, China had bought a controlling stake in the Kaduna oil refinery that would produce 110,000 barrels per day (17,000 m3/d), just as Nigeria has relinquished preference to Chinese oil firms for contracts for oil exploration in the Niger Delta and Chad Basin.
The level of China’s influence in the economy of Nigeria prompted the granting in 2006 of a loan $1 billion to Nigeria to help it upgrade and modernize its railway networks.
In 2005 Nigeria agreed to supply PetroChina with 30,000 barrels per day (4,800m3/d) of oil for $800 million. In 2006 the CNOOC purchased a share for $2.3 billion in an oil exploration block owned by a former defence minister. China has also pledged to invest $267 million to build the Lekki free trade zone near Lagos.
China’s growth in the Nigeria market led to the “flooding” of Nigerian markets with cheap Chinese goods which have reduced Nigeria’s Small and Medium Entrepreneurs and enterprises to almost nothing and adversely affecting domestic industries, especially in textiles. The outcome is the closure of over 65 textile mills and the laying-off of not less than 150,000 textile workers over the course of a decade. In 2010, trade between the two countries was worth US$7.8 billion with the balance of trade clearly favouring the Chinese. In 2011 Nigeria became the 4th largest trading partner of China in Africa and in the first 8 months of 2012 it was the 3rd.
Even though China and Nigeria have vastly different historical experiences and cultural traditions, Beijing has been remarkably successful in its efforts to promote Chinese culture in Nigeria. Student exchanges and the proliferation of Chinese media in Nigeria have been the primary mechanisms underpinning the increasing cultural synergy between the two countries with China having the upper hand as usual.
The Chinese film industry has been highly successful in promoting its showcase productions to a Nigerian audience as well. The December 2015 Chinese film festival in Lagos, featuring Chinese films like Chinese Zodiac, Confucius, and Monkey King, attracted large numbers of students and Nigerian government representatives. As more Nigerians learn Chinese, turnout to these events has certainly increase, bringing more financial benefit the way of the Chinese.
China’s special relationship with Nigeria, forged through deep-rooted political bonds and cultural exchanges, is a major victory for its soft power campaign in Africa. As pro-Chinese sentiments in Nigeria are overwhelming at both the elite and popular level, Nigeria is a perfect testing ground for future Chinese alliance-building efforts in other African countries in the years to come.
Recently, President Muhammadu Buhari was in China to sign a loan infrastructure projects deal worth about $2 billion and the ‘low interest’ loan was supposedly to be deployed to finance the N3 trillion deficits in the budget. According to the President’s Special Adviser on Media and Publicity, Mr Femi Adesina, he said: “I can’t tell you how much until the day the loan will be signed.” Both countries will also be signing some bilateral agreements to strengthen their relationship that is all I can say for now.”
The loan was part of the about $5 billion the Federal Government intended sourcing abroad to cover part of its 2016 budget deficit. While borrowing, Buhari also signed “cooperation agreements” which financial experts have said is laced with the trappings of master-servant relationship, the 1.5 interest rate notwithstanding.
In the first eight months of 2017, China-Nigeria bilateral trade cooperation hit $2.7 billion dollars in line with the supposed fundamental and long-term interests of both countries.
According to The Consul General of the Peoples’ Republic of China to Nigeria, Mr. Chao Xiaoliang “China-Nigeria bilateral trade volume reached 10 billion USD from January to August 2017, and investment from China reached $2.7 billion dollars.”
Even as China insists that the cooperation has tremendously helped in promoting peace, stability and development of Africa and the world, Nigeria is yet to have a solid base in the balance of payment and balance of trade status of both countries.
It is believe that the bilateral cooperation should result in a win-win affair; the case is different, as Nigeria remains at the receiving end without the grace of boasting of giving out anything in exchange. Most Chinese expatriates in Nigeria are in leadership position and call the shots as against Nigerians in China who are practically instruction takers. What these means is that the Chinese cooperate with Nigeria in many areas, dishes loans out and are in the forefront of executing whatever projects initiated. Nigeria is nowhere in the scheme of things other than to receive and continue to receive – no relative economic impact. The unbalance affair is what gave rise to the influx of sub-standard Chinese goods in Nigeria, which has basically silenced the SMEs.
The Chinese CG has intimated that the two countries have gained fruitful achievements from their ‘friendly and mutually beneficial cooperation’ in various facets of the countries’ economy, the fact remains that one is far ahead of the other.
Consequently, by deepening China-Nigeria friendly relations, China has taken on arduous task of developmental strategies and has maintained very strong corresponding economic complementarities and enormous cooperative potential.
Nigeria is supposed to gain the benefits of the ‘Belt and Road Initiative’ as an ideal platform and framework to conduct cooperation with China and other countries if possible, in order to obtain more opportunities to strengthen her infrastructure, diversify her economy and integrate with the world economy. But the standpoint to achieving same has been ridiculed by its inability to call the shots in bilateral relations.
From 2014 to 2016, a total trade between China and other Belt and Road countries, Nigeria inclusive, exceeded 3 trillion US dollars and China’s investment in these countries surpassed $50 billion US dollars, detailing that Chinese companies have set up 56 economic cooperation zones in over 20 countries, and have generated 1.1 billion US dollar tax revenue and over 180,000 jobs. The fact remains that investment and production raises the bar of economic superiority, and china has remained in the forefront of investing, and that leaves Nigeria in the category of ‘crumb picker’.
Nigeria has remained the underdog in the bilateral trade relation for no taker reaps. The Chinese provides the loan, and provides the execution, gets paid for the job, receives their loan back with interest and manages the project when and if completed. They have all the edges.
Until Nigeria learns to develop its SME, invest in the production and exportation of finished products, China will continue to feed fat off the nation. The trade relation is heavily lopsided.
Reacting, an economist, Mr Emmanuel Nneke, opined that selfish interest of the political elites is the reason behind many of the wrong economic decision made by government with developed countries such as China.
Hear him: “ There is nothing wrong if Nigeria has economic ties with other countries but in a situation where such ties does not favour us or we do not derive the same benefits as much as the other country does, this is where the problem lies.
China, being a superpower economically sees Africa as an avenue to rival United States in terms of trade, and Nigeria being the most populous country on the continent and a major trade partner with United States, is an attractive ground for Chinese government to achieve its objectives in Africa,” he said.
He added: “However, in the process of entering into trade agreement with China, the government fails to look into how such agreement will benefit Nigeria maximally. The decision makers are only interested in what they will gain financially. Some of them have shares in many of these trade agreements. Take for instance importation of textile materials. Some government officials are involved in importation of these materials while some are shareholders in Chinese owned companies in the country.
The influx of Chines made materials ranging from building materials to household items, textile, shoes, bags e.t.c, have resulted in the low patronage of our locally made goods thereby killing our local industries. Yet government turns blind eyes to these issues.”
Another financial expert, Adewale Adeoye said the volume of trade between Nigeria presently stood at $2.7billion, adding that in spite of such huge trade transaction, Nigeria has benefitted little from it.
“The China-Nigeria bilateral trade hit N12.3 billion dollars in 2017. However, I am yet to see how Nigeria has benefitted from such trade. The questions we need to ask ourselves is how many Nigeria goods are allowed to enter China compare with Chinese goods that are flooding our markets? The money the Chinese government is making in Nigeria, how much of it are they investing back into our economy to create jobs? How many companies have they established? They get construction jobs here and repatriate the money to their country. Do they invest in the entertainment, sports or SMEs sector? What impact do they have on our education sector? These are issues for concern.”
He advised that the federal government needs to renegotiate the trade agreement in a way that it will be fair to both parties.
“What the government needs to do is to ensure there is balance in benefits that accrues to both parties. Lopsided bilateral relationship as it is now will do us no good. The Minister of Trade and Investment must renegotiate on behalf of the government and agreement that will suit both parties,” he advised.
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Glo Celebrates Executive Director, Sade Michael-Adenuga at 31
Published
3 weeks agoon
July 1, 2026By
Eric
By Eric Elezuo
Communications giant, GLOBACOM, has celebrated its Group Executive Director, Madam Sade Michael-Adenuga, as she clocks 31.

In a message via the Group’s X account, Globacom celebrated the go-getting abilities Ms Michael-Adenuga, recognising her dedication, professionalism and unwavering commitment, which have continued speak loud in the growth and development of the Gbobacom Group.
The message reads:
“Today, we celebrate Madam Sade Michael-Adenuga, whose dedication, professionalism, and unwavering commitment continue to make a meaningful difference.
“As you mark another year, we wish you good health, happiness, and many more years of fulfilment and remarkable accomplishments. May the year ahead bring every opportunity to continue making an enduring impact.
“Happy Birthday, Madam Sade Michael-Adenuga.”
Sade Michael-Adenuga is the last daughter of the billionaire businessman, philanthropist and founder of the Glo brand, among many other business concerns.
Beautiful and highly ceregral, Sade is a certified Barrister and Solicitor of the Supreme Court of Nigeria. She currently serves as a Group Executive Director of Globacom Group, and is the founder of QuickLaw.
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Adeleke and Momodu: A Classic Tale of ‘Twin’ Brothers
Published
2 months agoon
May 18, 2026By
Eric
By Eric Elezuo
The story of the Chairman, Ovation Media Group, Chief Dele Momodu, and the Governor of Osun State, Senator Ademola Adeleke, is one told from a multiple dimension. It encompasses passion, love, friendship, camaraderie, collaboration, and more importantly, brotherhood.
Here’s a classic tale of two individuals, who started as acquaintances, transmuted into being friends, and today has become inseparable, not just as brothers, but as ‘twin’ brothers. No wonder the Bible says, there’s a friend that sticks closer than a brother; that’s the story of ‘Demola and Dele. A typical example of Double D. A classic tale of friendship made in heaven.
Both have seen measured successes in their various fields of endeavours. Adeleke, besides being an accomplished entrepreneur, has in his own way, conquered the field of politics, having served as a distinguished Senator of the Federal Republic of Nigeria, and presently serving as the Executive Governor of Osun State.

Momodu, on his part, has not in any way lacked behind. Beyond establishing and sustaining Africa’s number one celebrity magazine, Momodu is an iconic journalist, publisher, businessman and a motivational speaker, who has both working and personal relationships with many influential world leaders. He has been one shot away from the highest office in the land, having contested for the Nigerian presidency, first as a candidate in 2011, and as an aspirant in 2023.
Born same year, 1960, same month, May, the brothers have from time in memorial, shared a common bond that has given onlookers the apertite to ask more questions about their originality. But while one is from Edo State, the other is from Osun. However, the state barriers notwithstanding, Adeleke and Momodu has proved to the world what true friendship means.
Over the weekend when Momodu celebrated his 66th birthday, just three days after Adeleke celebrated his at the Government House, in Oshogbo, the Governor gladly referred to Momodu as his ‘twin’ brother, a motion that everyone readily agreed with. It is worthy of note that while Adeleke was born on May 13, 1960, Momodu was born on May 16, 1960. Friends and associates always insist that Adeleke is three days older than Momodu, and that one fact Momodu has come to live with, and joyously celebrates.

In his message at the birthday celebration, held with incisive discussion on the theme, Ignorance and The Danger of Xenophobia, at the Dele Momodu Leadership Centre, Alalubosa, Ibadan, the Governor extolled the qualities of Momodu, fondly referring to him as ‘my twin brother’. He hailed Momodu for always using his birthday to speak to the conscience of Africa, especially in the last three years.
At the event, organized by The Dele Momodu Foundation, with the theme, “Ignorance and the Danger of Xenophobia.” Speakers at the occasion condemned the rising tide of xenophobic attacks, particularly those targeting Nigerian citizens in South Africa, warning that such hostility undermines regional progress, peace, and continental unity.

DELE MOMODU – MAY 16, 1960
Dele Momodu, without an iota of doubt stands tall among those who have been diligent in businesses, and it is therefore, no surprise that he has stood, and is still standing not just before kings but with kings.
Born Ayòbámidélé Àbáyòmí Ojútelégàn Àjàní Momodu on May 16, 1960, some 63 years ago, Chief Dele Momodu as he is known in the business circle, and Bob Dee, in the social stage, is by every standard a man who is diligent in his business. And it is no wonder that he has not only stood before kings, he had and continues to dine with kings. There is practically no influential person that Dele Momodu does not know across the length and breadth of Nigeria, Africa and on the inter-continental stage. He is that large!
By every standard a rare breed, Momodu is many things in one; journalist/publisher, businessman, philanthropist, actor, politician and motivational speaker. Among all these he considers himself simply as a reporter, and even with a retinue of seasoned staff still ventures into the field to scoop exclusives. Those who have referred to him as a workaholic are not far from the truth. Even he, himself has an oft quoted line thus “those who come from poor background cannot afford to sleep too much”.
A beacon of the Momodu family, Dele, the last of three siblings, was ‘privileged’ to lose his father at the age of 13, and was therefore sentenced to the complete tutelage of his mother, and sometimes relatives. His mother became practically his mentor, teacher and soulmate until she passed away on May 18, 2007, two days after Dele’s 47th birthday. According to him, one of the many morals his mother, who he revered next to God, taught him, is never to despair even when times are tough. Even in her near poverty state, Dele maintained that ‘she didn’t give up on me.’
The accomplished journalist, whose first name was derived from Ayobamidele, meaning “my joy has followed me home”, is a proud 1982 graduate of the University of Ife, (now Obafemi Awolowo University, Ile-Ife) where he obtained a degree in Yoruba Language, and followed it up in 1988 with a master’s degree in English Literature.
He kicked off his professional career as a lecturer at the Oyo State College of Arts and Science in Ile-Ife, between 1982 and 1983 while serving as a corps member. He went on to become the private secretary to the former Deputy Governor of Ondo State, Chief Akin Omoboriowo, a position he held from 1983 till 1985. In 1986, he was elevated to serve the Ooni of Ife, Oba Okunade Sijuwade Olubuse II, managing his Motel Royal Limited.
Momodu is the proprietor of the no 1 celebrity journal, Ovation International Magazine, The Boss Newspaper and Ovation Television.
The Akinrogun of Gbonganland, who is also the Aare of Iwoland, has also been honoured with the Prestigious Value Leadership award by an organisation, Nigeria, which is a subsidiary of Moonlite Integrated Concept, among an avalanche of awards, honours and tags. Momodu us consistently praised for his admirable efforts, which have not gone unnoticed.
ADEMOLA JACKSON ADELEKE – MAY 13, 1960
Born of the Adeleke family of Ede in Osun State on May 13, 1960, Adeleke commenced his primary education at Methodist Primary School, Surulere Lagos State before he was privileged to relocate to Old Oyo State to continue his education at Nawarudeen Primary School, Ikire.
Adeleke was born Nurudeen Ademola Adeleke to a Muslim father and Nnena Esther Adeleke, an Igbo Christian mother. Like him, Adeleke’s father, Raji Ayoola Adeleke was a Senator and the Balogun of Ede land in Osun State. His father, Raji Ayoola Adeleke was also the leader of the Unity Party of Nigeria (UPN).
On completion of his primary education, he moved on to The Seventh Day Adventist Secondary School, Ede to begin his post primary schooling. In the later years however, he attended Ede Muslim Grammar School Ede, where he completed his secondary school education and subsequently relocated to the United States of America, joining his two older brothers, who were also studying there.
In the United States, he joined Jacksonville State University, Alabama, and studied Criminal Justice, with minor in Political Science.
To prove doubting Thomases, who wiped up controversies around his educational qualification, wrong, he went back to school and got enrolled at Atlanta Metropolitan State College in the United States, where he obtained a Bachelor of Science degree in Criminal Justice in 2021.
A businessman and administrator of no mean repute, Adeleke was the humble Group Executive Director at his brother’s company, Pacific Holdings Limited from 2001 to 2016, where his credible performances shot the company to enviable heights; a height it is still enjoying till date.
It is imperative to note that before he joined Pacific Holdings Limited, Senator Adeleke worked with Quicksilver Courier Company in Atlanta, Georgia, US, as a service contractor from 1985 to 1989. His dexterity to work earned him a progression in career, and he berthed as Vice President at Origin International LLC, Atlanta, Georgia, US, a flavours and fragrance manufacturing company. His meritorious stewardship lasted a period of five years, from 1990 to 1994.
Not a few has described Adeleke as the philanthropic capital of Ede, as his influence in aiding the less privileged and downtrodden remains top notch. He is a voracious believer in community development, and has not spared any expense to see that his community receives global influence.
Politically, Adeleke is a beacon of light and hard nut to crack, having remained an albatross to opposing powers and a reference point to ideal administration.
Shortly after he lost his brother, Senator Isiaka Adeleke, who died in April 2017, he contested the Osun West 2017 Senatorial by-election, emerging as the winner under the Peoples Democratic Party, where he decamped to from the All Progressives Congress (APC).
Having emerged senator, Adeleke’s political influence waxed stronger, an on July 23, 2018, he emerged as the governorship candidate of PDP in Osun State.
Adeleke ran for Osun state governorship election under the PDP against top contenders Alhaji Gboyega Oyetola of APC and Iyiola Omisore of SDP on 22 September 2018. The election was declared inconclusive by the Independent Electoral Commission (INEC) while Adeleke was leading, and a rerun slated on September 27, 2018. The candidate of the APC Oyetola was declared winner after the run-off. Adeleke protested the result describing the election as a “coup”.
Much as on March 22, 2019, the tribunal sitting in Abuja declared Adeleke the winner of the election, the Supreme Court later affirmed Gboyega Oyetola as the authentic winner of the 2018 Osun State governorship election on Friday, July 5, 2019
Popularly known as the Dancing Senator because of his penchant to joyfully react to the sounds of music, Adeleke is uncle to one of Nigeria’s popular musicians, Davido.
Governor Adeleke is married to two beautiful women. They are blessed with three children who are all entertainers. They are B-Red and Shina Rambo and a daughter, Nike Adeleke. He is the uncle of one Nigeria’s primus inter pares in entertainment, Davido.
As expected, Adeleke is moving Osun State to the greatest of heights as he promised, and many who know him agree that there are still very many more in the offing even as he navigates his political prowess to win again on August 15.
These ‘twin’ brothers have become a toast of reference. They are hardworking, philanthropic in nature, and always happy.
Yes, always happy as the smiles and dance in their gaits at all times are unmistakable.
Cheers to brotherhood!
Cheers to Ademola Adeleke and Dele Momodu!
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Koumagnon Family Pledges Unalloyed Support for Romuald Wadagni As President
Published
3 months agoon
April 9, 2026By
Eric
By Eric Elezuo
The Koumagnon Family and Allied Families of Seme-Kpodji, of the Republic of Benin, led by Monsieur Alberto Koumagnon, has declared their unflinching support for the candidacy of Romuald Wadagni as he steps out on Sunday to vie for the presidential seat of the Republic of Benin.
In statement of declaration, the families observed that Wadagni is propelled by a ‘vision embodied in this ambitious, realistic project, resolutely focused on the future of our country’.
The declaration is presented in full:
DECLARATION OF SUPPORT BY THE GREAT KOUMAGNON FAMILY AND ALLIED FAMILIES OF SÈMÈ-KPODJI FOR CANDIDATE ROMUALD WADAGNI

The great KOUMAGNON family and allied3 families of Sèmè-Kpodji, deeply committed to the values of peace, progress, and development, followed with particular interest the presentation, on Saturday, March 21, 2026, of the “Further Together” (Plus loin ensemble) social project by our dear candidate, President Romuald WADAGNI.
Following this important political event, and gathering on this day, 04/04/2026, we wish to express our full support for the vision embodied in this ambitious, realistic project, resolutely focused on the future of our country.
From the outset, we, descendants of the KOUMAGNON family and allied families, commend the enlightened leadership of President Patrice TALON who, faithful to his commitment to building a modern and prosperous Benin, has been able to propose to the presidential majority a competent, credible candidate who brings hope for consolidating achievements.
In this dynamic of continuity and progress, the candidacy of President Romuald WADAGNI is fully in line with the continuation of the structural reforms undertaken over several years in all sectors, particularly in infrastructure.
In this regard, we recognize and commend the many achievements of the government, especially road infrastructure, which has significantly improved mobility and living conditions for the populations of the communes of Sèmè-Kpodji and surrounding areas.
Moreover, these remarkable efforts reflect a constant determination to connect localities, stimulate economic exchanges, and sustainably strengthen the attractiveness of our territories.
Building on these achievements and firmly oriented toward the future, we are convinced of the relevance of the “Further Together” project.
Therefore, the great KOUMAGNON family and allied families of Sèmè-Kpodji give their firm, committed, and unconditional support to candidate Romuald WADAGNI, as well as to his running mate, Mrs. Mariam Chabi Talata Zimé Yérima.
In the same spirit, we call on all daughters and sons of Sèmè-Kpodji, as well as all citizens committed to peace and development in our country, Benin, to mobilize massively in support of this hopeful momentum by turning out in large numbers on April 12.
We also wish to assure our dear candidate of our commitment to mobilize widely to ensure a high voter turnout in the commune of Sèmè-Kpodji.
Together, let us continue the efforts undertaken.
Together, let us consolidate our achievements.
Together, let us go further.
Long live Benin on its path toward progress!
Long live the WADAGNI–TALATA ticket!
Thank you.
Done at Sèmè-Kpodji, on 04/04/2026
The great KOUMAGNON family and allied families
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