The Nigeria Customs Service (NCS) has signed a Memorandum of Understanding (MoU) with the General Administration of Customs of the People’s Republic of China (GACC) to foster bilateral relationship for the enhancement of economic growth.

The Comptroller-General of Customs, Wale Adeniyi, who led some of his management team to Shenzhen, highlighted the significance of bilateral affiliation with China.

He said it would boost the two countries’ import-export operations and favour the businesses of MSMEs in Nigeria.

Wale appreciated the Vice Minister of the General Administration of Customs of the People’s Republic of China, Wang Lingjun, for showing interest in signing MoU with the service.

He commended the recent rise in the development of e-commerce, saying, “We know a lot of Nigerian companies and SMEs take advantage of the opportunities aided through e-commerce.”

The customs boss expressed optimism that the MoU would serve as a critical component of cooperative security and trade relationship between the two nation’s Customs agencies.

“The relationship will create a cooperative mechanism for NCS and the GACC to collaborate on supply chain security standards and enhance the economic stability of both nations.

“These are some of the many reasons why Nigeria Customs Service pays attention to what is happening in China.

“As you have said, China is making the biggest trade in Nigeria, and the basic context of International Trade is ‘your export is our import’.

“It is also common knowledge that those numbers sometimes must take account of the large volume of informal trade that exists between us.” he said.

Mr Wang Lingjun of the General Administration of Customs, who represented Vice Minister Sun Yuning expressed satisfaction with Adeniyi’s vision.

Lingjun, who signed the MoU on behalf of the People’s Republic of China, said the affiliation would serve as a mechanism for creating opportunities that Nigeria and China share on a wide range of economic issues and trade facilitation.