In 2024, trade volume between Nigeria and China fell to approximately $20 billion, a decline from the $22.6 billion recorded in 2023. The drop of 11.5% is attributed to inflation and a reduction in purchasing power, which has led to rising poverty levels in Nigeria. Despite this decline, Chinese officials emphasized Nigeria’s significance as a global partner, particularly in the BRICS alliance.
Chinese Ambassador to Nigeria, Yu Dunhai, expressed optimism for strengthening trade relations and implementing agreements from the Forum on China-Africa Cooperation (FOCAC). He highlighted Nigeria’s importance as China’s largest engineering contract recipient and second-largest export market in Africa.
China’s Consul-General in Lagos, Yan Yuqing, pointed out China’s GDP growth of 5% in 2024, which supports global economic recovery. She also discussed ongoing cooperation between the two nations in infrastructure, trade, and technology. Additionally, the “Together Fight Against Hunger” charity initiative, set for launch in 2025, aims to combat poverty and hunger in Nigeria.
Source: THE GUARDIAN