China-Nigeria Commerce Quantity Hits $17bn
The bilateral commerce quantity between China and Nigeria within the first three quarters of 2023 stood at $17.25bn, the Consul Common of China in Lagos, Yan Yuqing has mentioned.
Yuqing disclosed this on the China Commodities Expo-Nigeria Lagos, lately.
The Consul famous in her tackle on the discussion board that Nigeria can also be China’s greatest contractor market and a serious funding vacation spot in Africa.
She revealed that China’s investments in Nigeria are primarily concentrated within the manufacturing sector, with a deal with metal, vehicles, equipment, electronics, and day by day requirements.
Yuqing acknowledged, “China is a big commerce companion for Nigeria. In accordance with Chinese language customs information, the bilateral commerce quantity 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.
“Within the first three quarters of 2023, bilateral commerce stood at $17.25bn with exports to Nigeria being $15.67bn and imports from Nigeria at $1.58bn, marking a 22.5 per cent enhance in imports from Nigeria in comparison with the identical interval final 12 months.
“Nigeria has turn into China’s second-largest commerce companion in Africa, and China is Nigeria’s largest international supply of imports,” she mentioned.
In accordance with the Consul, investments within the Lekki Free Commerce Zone and the Ogun-Guangdong Free Commerce Zone have exceeded $1bn.
She mentioned, “Chinese language corporations have numerous contracted engineering initiatives in our territory, such because the Lekki Deep Sea Port, the Dangote Refinery, the Lagos Blue Line Mild Rail, the Lagos Worldwide Airport, and the Lagos-Ibadan Railway, considerably selling native financial and social growth.
“These investments and initiatives have promoted native financial and social growth, making a big contribution to deepening bilateral financial and commerce cooperation,” she added.