In the first three quarters of 2023, China and Nigeria’s bilateral trade volume was $17.25 billion, according to Yan Yuging, the Chinese consul general in Lagos.
At the recent China Commodities Expo-Nigeria Lagos, Yuging made this revelation.
In addition to being China’s largest contractor market, Nigeria is a popular investment destination in Africa, as the Consul pointed out in his remarks at the forum.
According to what he disclosed, China’s investments in Nigeria are mostly focused on the manufacturing sector, specifically on steel, cars, machinery, electronics, and everyday necessities.
Yuging declared, “China is Nigeria’s main trading partner. Chinese customs data indicates that in 2022, the two countries’ bilateral trade volume reached $23.9 billion, with China exporting $22.3 billion to Nigeria and importing $1.6 billion from that country.
“Bilateral trade was $17.25 billion in the first three quarters of 2023; exports to Nigeria totaled $15.67 billion, while imports from Nigeria were $1.58 billion, indicating a 22.5% increase in imports from Nigeria over the same period in the previous year.
“China now imports the most goods from Nigeria worldwide, and Nigeria has emerged as China’s second-largest trading partner in Africa,” he stated.
The Consul claims that more than $1 billion has been invested in the Lekki and Ogun-Guangdong free trade zones.
“Chinese companies significantly promote local economic and social development with a large number of contracted engineering projects in our territory, including the Lekki Deep Sea Port, the Dangote Refinery, the Lagos Blue Line Light Rail, the Lagos International Airport, and the Lagos-Ibadan Railway,” the speaker stated.
He continued, “By fostering local economic and social development, these investments and projects have significantly deepened bilateral economic and trade cooperation.”