Nigeria-China Economics Relations: Lesson and Issues in Reforming the Unreformable

The phrase reforming the unreformable, expresses the challenges associated with reforming the imbalance fiscal relationships involving China-Nigeria and debt sustainability. Reforms offer opportunities for Nigeria to uphold fiscal development, decrease poverty, and develop source of revenue standards. Nigeria's economy is vulnerable due to external shocks, fluctuations in global oil prices and institutional weakness such as corruption, mismanagement of public fund. These factors make it tougher for reformer to implement and uphold reforms. In setting the stage for this discussion, we critical analysed these fundamental issues such as resistance to change due to ethno-religion dichotomy, examine institutional weaknesses, such as corruption and mismanagement of funds and/also identifying challenges affecting Nigeria-china economic relations and its pathway. The paper adopted descriptive research, which benefited from qualitative approach, this technique utilize both primary and secondary data through the instrument of focus group discussion, while secondary data were drawn from International news-bulletins, journals, books, conference and seminars paper, government publication and internet. The study utilized Marxian political economy approach; this is because the Nigeria–China economic relation in context appears to be belief in the possibility of cooperation to realize common gain (economic liberalism); but in practice and reality it is platform for economic exploitation and imperialism sustainability. The paper found that the various economic reforms that initiated Nigeria-China economic relations subjected Nigeria to a mono-economy, institutional weaknesses, bureaucratic inefficiencies, trade deficit, which increases potential for debt crisis. The paper recommends diversified economy to reduce its dependence on exports of raw materials, bureaucratic efficiencies, strong institutions and economic reforms that promote investment and industrialisation, trade balance and infrastructural development. Keyword: Social reforms, reforming, economic relations, institution, bilateral trade and investment