Nigeria, China’s second-largest trade partner in Africa – Consul-General

On Tuesday, Yan Yuqing, the Consul-General of the People's Republic of China in Lagos, said that bi-lateral commerce between China and Nigeria in the first three quarters of 2023 amounted to $17.25 billion, making Nigeria China's second-largest African trading partner. 

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On Tuesday, Yan Yuqing, the Consul-General of the People’s Republic of China in Lagos, said that bi-lateral commerce between China and Nigeria in the first three quarters of 2023 amounted to $17.25 billion, making Nigeria China’s second-largest African trading partner.

Speaking at the Brightway International Exhibition Corp Limited-organized 2023 China Commodities Expo-Nigeria in Lagos, Yuqing stated that, based on data from Chinese customs, the two countries’ bilateral trade volume reached $23.9 billion in 2022, with China exporting $22.3 billion to Nigeria and importing $1.6 billion from the country.

She continued by saying that there had been a 22.5% rise in imports from Nigeria compared to the same time previous year, with exports to Nigeria totaling $15.67 billion and imports from Nigeria totaling $1.58 billion.

“Nigeria is a major investment destination in Africa and the largest contractor market in China,” the speaker stated. China’s manufacturing sector investments in Nigeria are mostly focused on steel, cars, equipment, electronics, and everyday essentials.

Over $1 billion has been invested in the Lekki Free Trade Zone and the Ogun-Guangdong Free Trade Zone. Numerous engineering projects, including the Lekki Deep Sea Port, the Dangote Refinery, the Lagos Blue Line Light Rail, the Lagos International Airport, and the Lagos-Ibadan Railway, are contracted to Chinese companies in our territory, greatly advancing the social and economic development of the area.

“By fostering local economic and social development, these investments and initiatives have significantly strengthened bilateral trade and economic relations.

The third Belt and Road Forum for International Cooperation took place in Beijing in October. China has ratified several agreements for cooperation with more than 30 international organizations and more than 150 nations. Numerous initiatives for the people’s benefit and infrastructure will be executed gradually.

China-Nigeria ties are constantly improving, with greater collaboration in commerce, investment, and contractual projects, thanks to the high-quality Belt and Road Initiative (BRI) and the values that guide China’s Africa policy, which include honesty, genuine results, amity, and good faith.

In addition, Lagos State Governor Babajide Sanwo-Olu made the following statement while being accompanied by Commissioner for Industry, Trade and Investment Folashade Ambrose-Medem: “China is Nigeria’s largest import source and its third-largest trade partner in Africa. Nigeria’s exports to China reached $3.04 billion in 2021, up 22.4 percent year over year, while commerce between the two countries reached a total of 25.68 billion dollars.

“Chinese businessmen have invested over 1.5 billion dollars and generated over 7,000 jobs in the Lekki Free Trade Zone and Ogun-Guangdong Free Trade Zone alone.

“Among other things, the Lagos Blue Line Rail’s first phase, the Lekki Free Trade Zone, the Lekki Deep Sea Port, and other road development projects. The State Government is prepared to go farther in this regard as we work to enlist investors’ support in the creation of more climate-resilient infrastructure in the areas of agriculture, transportation, health, housing, and the environment.

Chief Olusegun Oduloye spoke on behalf of Mr. Rasheed Shoderu, president of the Ikorodu Chamber of Commerce and Industry (ICCI), who stated: “Our presence here is a testament to the tremendous opportunity we have to use modern technology as a game changer for the economic development of our great country.” Seeing the excitement of entrepreneurs and creators is energizing.

“We are thrilled to be collaborating with Brightway and dedicated to helping companies and entrepreneurs establish an atmosphere that fosters business success. Businesses now have more opportunities thanks to this effort. This incident will continue to have an impact for a very long time.

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