Chinese Consul-General express optimism as China-Nigeria trade volume hits $17bn
NIGERIA-CHINA, Nov. 9 – China and Nigeria bilateral trade volume within the first, second and third quarters of 2023 has hit $17.25bn, this is according to the Consul General of China in Lagos, Yan Yuging.
Yuging made this public at the China Commodities Expo-Nigeria Lagos, recently.
The Chinese Consul General noted in his address at the forum that Nigeria is unarguably China’s biggest contractor market and a major investment destination in the whole of Africa.
He disclosed that his country’s investments in Nigeria are mainly concentrated in the manufacturing sector, with a focus on steel, automobiles, machinery, electronics, and daily necessities.
Yuging said, “China is a significant trade partner for Nigeria. According to Chinese customs data, the bilateral trade volume between China and Nigeria reached $23.9bn in 2022, with China’s exports to Nigeria amounting to $22.3bn and imports from Nigeria totaling $1.6bn.
“In the first three quarters of 2023, bilateral trade stood at $17.25bn with exports to Nigeria being $15.67bn and imports from Nigeria at $1.58bn, marking 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.”
According to Yuging, investments in the Lekki Free Trade Zone and the Ogun-Guangdong Free Trade Zone alone have exceeded $1bn.
He stated that, “Chinese companies have a large number of contracted engineering projects in our territory, such as the Lekki Deep Sea Port, the Dangote Refinery, the Lagos Blue Line Light Rail, the Lagos International Airport, and the Lagos-Ibadan Railway, significantly promoting local economic and social development.
“These investments and projects have promoted local economic and social development, making a significant contribution to deepening bilateral economic and trade cooperation,” he added.
The trade between the Asian Economic giant (China) and the African biggest economy (Nigeria) is expected to grow beyond this volume by this same period next year.
Analyst believe that the dollarization of the trade is one of the biggest challenge hindering many Nigerians from transacting hug volume of import from China. Believing that if the Yuan-Niara exchange will dominate the payment system, many trades will be seen in the coming years.
However, the need for Nigeria to export more commodities to China is imperative to step up the country’s export at least to 40% of imports to place the country on a better trade graph against China.
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