The Consul-General of the People’s Republic of China in Nigeria, Ms. Yan Yuging, has announced a significant upswing in the bilateral trade volume between China and Nigeria, reaching $17.25 billion in the first three quarters of the current year.
This revelation was made during the China-Africa (Nigeria) production capacity cooperation symposium held at the Lagos International Trade Fair (LITF) complex on Tuesday. Under the theme “Enhancing economic growth through sustainable partnership,” Yan highlighted the continued deepening of cooperation between the two nations in trade, investment, and contracted projects amid the unprecedented changes in the global landscape.
Quoting Chinese customs data, Yan provided insights into the substantial growth, stating that the bilateral trade volume in 2022 amounted to $23.9 billion. During this period, China’s exports to Nigeria reached $22.3 billion, with imports from Nigeria totaling $1.6 billion.
In the first three quarters of 2023, the bilateral trade figure stood at $17.25 billion, with exports to Nigeria at $15.67 billion and imports at $1.58 billion. Notably, there was a remarkable 22.5% increase in imports from Nigeria compared to the same period in the previous year.
Yan emphasized Nigeria’s pivotal role in China’s trade partnerships, positioning the nation as China’s second-largest trade partner in Africa.
Simultaneously, China maintains its status as Nigeria’s largest global source of imports. The rising trade volume underscores the resilience and strength of the economic ties between China and Nigeria, fostering mutual growth and cooperation.
