The bilateral trade volume between China and Nigeria in the first three quarters of 2023 stood at $17.25bn, the Consul General of China in Lagos, Yan Yuging has said.
Yuging disclosed this at the China Commodities Expo-Nigeria Lagos, recently.
The Consul noted in his address at the forum that Nigeria is also China’s biggest contractor market and a major investment destination in Africa.
He revealed that China’s investments in Nigeria are primarily concentrated in the manufacturing sector, with a focus on steel, automobiles, machinery, electronics, and daily necessities.
Yuging stated, “China is a significant trade partner for Nigeria. According to Chinese customs data, the bilateral trade volume between China and Nigeria reached $23.9bn in 2022, with China’s exports to Nigeria amounting to $22.3bn and imports from Nigeria totaling $1.6bn.
“In the first three quarters of 2023, bilateral trade stood at $17.25bn with exports to Nigeria being $15.67bn and imports from Nigeria at $1.58bn, marking a 22.5 per cent increase in imports from Nigeria compared to the same period last year.
“Nigeria has become China’s second-largest trade partner in Africa, and China is Nigeria’s largest global source of imports,” he said.
According to the Consul, investments in the Lekki Free Trade Zone and the Ogun-Guangdong Free Trade Zone have exceeded $1bn.
He said, “Chinese companies have a large number of contracted engineering projects in our territory, such as the Lekki Deep Sea Port, the Dangote Refinery, the Lagos Blue Line Light Rail, the Lagos International Airport, and the Lagos-Ibadan Railway, significantly promoting local economic and social development.
“These investments and projects have promoted local economic and social development, making a significant contribution to deepening bilateral economic and trade cooperation,” he added.