In a significant development, the Consul-General of the People’s Republic of China in Nigeria, Ms. Yan Yuging, has revealed that China-Nigeria bilateral trade has soared to an impressive $17.25 billion in the first three quarters of this year. This surge reflects the continued efforts of both nations to strengthen their cooperation and practical development.
Ms. Yan announced this in Lagos during the China-Africa (Nigeria) Production Capacity Cooperation Symposium, held at the Lagos International Trade Fair (LITF) complex. The event’s theme, “Enhancing Economic Growth Through Sustainable Partnership,” underscored the commitment of both countries to advance their relations in trade, investment, and contracted projects, especially in light of the global global changes.
Chinese customs data indicates that the bilateral trade volume between China and Nigeria reached $23.9 billion in 2022. Of this total, China exported goods worth $22.3 billion to Nigeria, while importing products valued at $1.6 billion. Notably, in the first three quarters of 2023, the bilateral trade reached $17.25 billion, with exports to Nigeria amounting to $15.67 billion and imports from Nigeria totaling $1.58 billion. This marks a significant 22.5% increase in imports from Nigeria compared to the previous year’s period.
Nigeria has solidified its position as China’s second-largest trade partner in Africa, while China remains Nigeria’s largest source of global imports. This partnership continues to evolve, offering mutual benefits and extensive opportunities in an ever-dynamic global economy.
The Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Mr. Olusola Obadimu, highlighted the remarkable growth of China’s engagement with African countries over the years. This dynamic trade relationship has become a focal point in the global economy, characterized by mutual benefits and extensive opportunities for both nations.
