Mathew Amaechi
Bilateral trade between China and Nigeria has surpassed $17.1 billion as of October 2024, marking a significant milestone in the strengthening economic ties between the two nations. This announcement was made by Ms. Yan Yuqing, Consul General of the People’s Republic of China in Lagos.
According to Yuqing, the improved trade structure between China and Nigeria has been driven by the active participation of tens of thousands of Nigerian entrepreneurs in major trade events, such as the Canton Trade Fair and the China International Import Expo. This increased engagement has fostered mutual benefits and achieved win-win outcomes in their collaboration.
The significant growth in bilateral trade is a testament to the steadfast support and cooperation between China and Nigeria throughout 2024. This partnership has yielded substantial benefits for both nations, with Nigeria becoming China’s third-largest trading partner in Africa.
Key drivers of the trade growth include Nigeria’s increased exports of minerals, oil, and agricultural products to China, as well as China’s exports of electronics, construction materials, and machinery to Nigeria. The cooperation has also extended to infrastructure development, with China’s investments in Nigeria’s energy and infrastructure sectors contributing to the growth in bilateral trade.
Yuqing said: “The consular district of the Chinese Consulate General in Lagos covers 20 states in the southern part of Nigeria, which are economically developed, rich in natural resources, and have broad prospects for development.
“Over this year, in addition to promoting the deepening of economic and trade, education, medical and health cooperation between Lagos State and China’s Jiangxi Province and Qingdao City, I have also visited Ogun State several times and travelled to Edo State, Ekiti State, Ondo State, and Cross River State. By strengthening cooperation in industrialisation, agricultural modernisation, and talent development, we have deepened the sister city relationships between Edo State and Fuzhou City, and Ondo State and Linyi City.”
As the partnership between China and Nigeria continues to flourish, it is expected to have a positive impact on regional economic integration and growth.
