Nigeria-China Trade Volume Hits $22.6bn

*NIIA DG advises China to mainstream investment through private sector

The Consul-General, Consulate General of People’s Republic of China, Ms. Yan Yuqing, has described Nigeria as a pilot country for China-Africa cooperation in building the BRI and revealed that the trade volume between Nigeria and China was $22.6 billion in 2023.
He also said Nigeria’s export to China increased by 50 percent during the year.
Yuquing disclosed this yesterday at the Lagos Forum 2024, which also witnessed the launch of a new book titled: “The Chinese in the Nigerian Economy” that was written by Mr. Ikenna Emewu.

The forum was hosted by the Nigeria Institute of International Affairs (NIIA) in partnership with the consulate-general of the People’s Republic of China.
According to her, “In recent years, the economic and trade cooperation between the two countries has been deepening, and China and Nigeria have built nice cooperation mechanism, broad cooperation platforms. In 2023, China-Nigeria bilateral trade reached 22.56 billion USD.

“In recent years, the opening and commissioning ceremonies of Nigeria’s Lekki Deep Sea Port and the Lagos Blue Line and Red Line Light Railway constructed by Chinese enterprises have been held successively, which have not only promoted local economic and social development, but also made outstanding contributions to the deepening of bilateral economic and trade cooperation.

“Chinese hi-tech enterprises have actively carried out cooperation in communication technology with Nigeria, promoting the development of digital economy and mobile payment in Nigeria, while Chinese new energy and new material enterprises have helped upgrade the Nigeria’s industries.
“The scale of Lekki FTZ, Ogun Guangdong FTZ and all kinds of industrial parks is expanding day by day. It can be said that the deepening economic and trade cooperation between China and Nigeria is an important force in promoting inclusive economic globalisation.”

Director-General of NIIA, Professor Eghosa Osaghae, stressed the need for China to begin to review its pattern of engagements in Nigeria by mainstreaming its investment through the private sector.

Speaking on “A Nigerian Perspectives of China Nigeria Relation,” Osaghae emphasised that China must help Nigeria breakthrough the Permanent Five Countries (P5) and change its investment patterns in the country.

He said: “Now China is here and China must help Nigeria to become a manufacturing and productive economy,” rather than remaining an exporter of crude petrol, gas, raw zinc, iron ore and primary agricultural products without much value addition.

Responding to questions, Commercial Consul, Chinese Embassy Lagos, Guo Pengwem, said t it was important for Chinese companies to train Nigerians, noting “that Nigeria’s export to China increased by 50 percent. Oil and gas is key to export to China and we do hope to import more oil and gas to our country.”

Reviewing the book titled “The Chinese in Nigerian Economy,” Publisher of Moneyreport Publication, Mr. Nik Ogbulie, said the book confirmed that about 920 Chinese companies were in Nigeria as part of the over $500 billion value in Africa.

The author of the book, Emewu, stated the need for Nigeria to come up with a  policy framework on China Global South Economic Growth Agenda.

Oluchi Chibuzor

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