The Consul General of China in Lagos, Yan Yuging, has revealed that the bilateral trade volume between China and Nigeria in the first three quarters of 2023 has reached $17.25 billion. He made this announcement at the China Commodities Expo-Nigeria Lagos. China has emerged as a significant trade partner for Nigeria, and their economic ties have seen substantial growth in recent years.
- Trade Volume Trends:
- In 2022, the bilateral trade volume between China and Nigeria was recorded at $23.9 billion, with China’s exports to Nigeria at $22.3 billion and imports from Nigeria at $1.6 billion. In the first three quarters of 2023, bilateral trade stood at $17.25 billion.
- Trade Composition:
- China’s exports to Nigeria in the first three quarters of 2023 amounted to $15.67 billion, while imports from Nigeria totaled $1.58 billion. This represents a significant increase (22.5%) in imports from Nigeria compared to the same period in the previous year.
- Nigeria’s Significance in Trade Relations:
- Nigeria has become China’s second-largest trade partner in Africa, highlighting the growing economic ties between the two nations. Additionally, China stands as Nigeria’s largest global source of imports.
- Investments in Free Trade Zones:
- Noteworthy investments have been made in Nigerian free trade zones, including the Lekki Free Trade Zone and the Ogun-Guangdong Free Trade Zone, surpassing $1 billion. These investments are contributing to local economic development.
- Contracted Engineering Projects:
- Chinese companies have been actively involved in contracted engineering projects within Nigeria. Projects like the Lekki Deep Sea Port, Dangote Refinery, Lagos Blue Line Light Rail, Lagos International Airport, and Lagos-Ibadan Railway are significantly enhancing local economic and social development.
- Mutual Economic Contributions:
- The investments and projects undertaken by Chinese companies are mutually beneficial, with China playing a vital role in Nigeria’s economic growth while also strengthening economic and trade cooperation between the two nations.
Conclusion: The burgeoning trade relationship between China and Nigeria is exemplified by the substantial bilateral trade volume of $17.25 billion in the first three quarters of 2023. This economic partnership extends beyond trade, encompassing substantial investments, engineering projects, and contributions to local economic and social development. As China continues to be a pivotal economic partner for Nigeria, this relationship is poised to have a lasting impact on both nations’ economies.