The Africa-China Trade Solutions (ACTS) have been created to allow African enterprises explore new markets, expand customer base, create a mutually beneficial relationship between the two countries and boost foreign exchange earnings.
In a report, Stanbic IBTC Holdings said it has continued to serve as a link in facilitating trade transactions between Nigerian and Chinese importers, thereby fostering international trade.
Apart from eliminating language barriers, ACTS aims to assist Nigerian importers source and validate quality goods, safely and efficiently, from the most competitive and verified suppliers in China.
The Agent Zhejiang International Trading Supply Chain Company Limited, otherwise known as Guomao, ensures that Nigerian importers get the best deals in areas such as sourcing for the right suppliers for their businesses, negotiating the best prices and trade conditions for their clients.
It also provides translators to facilitate trade negotiations and discussions, validate and ensure the quality of goods from the suppliers meet the agreed and required standards by clients, handle the shipping logistics and delivery to destination, depending on clients’ preference, among others.
The report noted that this year’s Africa-China Trade Expo was meant to promote trade relations and boost economic prosperity in the two regions.
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Head, Africa China Banking, Stanbic IBTC Bank, Ade Otukomaya, spoke on key sectors that need partnership.
He said the Nigerian agricultural sector is replete with diverse opportunities. “Being able to effectively harness these opportunities will drive agricultural development and expand agricultural export. Overall, agriculture experts are of the view that the country has the potential to generate substantial forex inflows for the country, and thereby reducing trade deficits,” he added.
As part of the ACTS offerings, the Standard Bank-China Trade Desk sources for capable Nigerian exporters of produce and finished products in demand by the Chinese. The Trade desk receives demands from Chinese entities who want to order large quantities of agro-allied products from Nigeria. The desk also match makes buyers and suppliers under favorable prices, conditions and general terms in line with approved protocols between the two countries.
With increasing demand for Nigerian goods on store shelves in China for the Chinese public to consume, the bank has developed a partnership with Pacific International Lines, a logistics service provider that will transport goods sourced from Nigerian Exporters and for export to China.
Despite the growth in trade, most Nigerian importers still face a myriad of challenges that limit their ability to order goods and services from a handful of trusted Chinese suppliers. In addition to that, language and cultural barriers also pose a challenge for African importers and Exporters when traveling and negotiating supplier agreements in China.