Nigeria-China Bilateral Trade Reaches $12.03bn

Bilateral trade volume between Nigeria and China has reached over $12.03 billion representing an increase of 7.1% in the past one year.

Chinese Ambassador to Nigeria, Cui Jianchun, disclosed this in Abuja during the Nigeria-China Cultural week, one of the activities lined up to commemorate the 2022 National days celebration of Nigeria and China as both countries share October 1 as their independence day.

Cui said that Nigeria has continued to be China’s number one trading partner in Africa as he urged Nigeria to produce more commodities to be exported to China to ensure balance of trade.

He also expressed optimism of a bigger economic boom in Nigeria with the ongoing projects like the Lekki deep sea port, Zungeru Hydroelectric Power projects, Dangote refineries amongst others set to be commissioned in 2023.

Cui expressed delight at the 51 years of flourishing diplomatic cooperation between both countries under his five GIST strategies across all spheres. These include; political consonance, economic cooperation, military and security collaboration international coordination, people’s communication, China Symphony initiative, Harmony and Symphony.

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“Our efforts are bringing more benefits to the two peoples. In the first half of 2022, our bilateral trade volume reached 12.03 billion U.S dollars, up by 7.1 per cent year -on- year.

“Trade really is important not only to improve the quality of life, it is very important for the country’s economy. Trade is very important for development.

“So we are encouraging more business in Nigeria to produce a lot of commodities to export to Chinese market and China are the number one consumer market.

“Lekki deep Seaport, we should be proud of this big project. This is the biggest one in the whole of West Africa. The Lekki deep sea port can accommodate 1.2 million containers. This is really going to change the business.

“And also we have the biggest Hydroelectric Power station, Zungeru, we have 700 watts and also will be commissioned at the end of this year. That means electricity that could accommodate the whole of Abuja.

“We have our high ways, railways and the airports and also other projects constructed by the Chinese company such as Kaduna-Kano railway.

“The most important project to Nigeria, Africa is the Dangote Refinery project so we do not need to import petroleum from other countries and Nigeria will not only produce crude oil but we can have petroleum and this could solve the problem,” Cui said.

On the event, Cui said that the photography and video contest and award to Nigerians is also China’s way of strengthening the cultural ties, and people-to people relations between both countries.

“Harmony is universal value. The Embassy held Nigeria-China Harmony and Symphony Photograph contest and short video contests respectively from the beginning of this September.

“So many talented people, especially young people submitted their videos in such a short time, today is also a day of harvest and we will get to know who will be the winners.