The Consul-General, People’s Republic of China in Nigeria, Ms Yan Yuging, has disclosed that China and Nigeria’s bilateral trade volume rose to $17.25 billion in…
The Consul-General, People’s Republic of China in Nigeria, Ms Yan Yuging, has disclosed that China and Nigeria’s bilateral trade volume rose to $17.25 billion in the first three quarters of this year as both countries continue to advance cooperation and practical development.
Yan said this in Lagos at the China-Africa (Nigeria) production capacity cooperation symposium held at the Lagos International Trade Fair (LITF) complex on Tuesday.
Themed “Enhancing economic growth through sustainable partnership”, Yan noted that with unprecedented changes taking place in today’s world, both countries continued to advance relations by deepening cooperation in trade, investment and contracted projects.
“According to Chinese customs data, the bilateral trade volume between China and Nigeria reached $23.9 billion in 2022, with China’s exports to Nigeria amounting to $22.3 billion and imports from Nigeria totaling $1.6 billion.
In the first three quarters of 2023, bilateral trade stood at $17.25 billion, with exports to Nigeria being $15.67 billion and imports at $1.58 billion, making a 22.5% increase in imports from Nigeria compared to the same period last year.
Nigeria has become China’s second-largest trade partner in Africa, and China is Nigeria’s largest global source of imports,” she said.
The Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Mr Olusola Obadimu, said China’s engagement with African countries had witnessed remarkable growth over the decades.
“This dynamic trade relationship has become a focal point in a global economy characterised by mutual benefits and extensive opportunities,” Obadimu said.
