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Nigeria-China maintain economic relationship

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By Mercy Kelani

Trade transactions between these two nations hit an impressive $22.6bn.

2023 witnessed a remarkable milestone in the economic relationship between Nigeria and China, as reported by Yan Yuqing, the Consul General of the People’s Republic of China in Nigeria. In the recent statement made by the representative of the Chinese Ambassador to Nigeria, it was revealed that the trade transactions between these two nations hit an impressive $22.6 billion. According to Yuqing, Nigeria continues to hold its rank as the third most prominent trading partner of China on the African continent.

In Lagos, during the arrival ceremony of the CMA CGM Scandola, Nigeria witnessed a significant disclosure as she revealed this information. This disclosure occurred as the enormous container vessel made its debut in a Nigerian port. In November 2023, China’s trade with Nigeria showcased a notable range of specialized products. China’s exports to Nigeria consisted of synthetic filament yarn woven fabric amounting to $160 million, followed by pesticides at $84.1 million. Additionally, non-knit women’s suits were exported to the value of $81.5 million, while mobile telephone devices amounted to $67.2 million.

China remains unrivaled as the foremost global participant in trade.

Artificial hair also contributed significantly to the trade, with an export value of $59 million. China’s import figures for Nigeria in November 2023 showcased significant purchases of different commodities. Notably, petroleum gas topped the list at $95.8 million, followed by crude petroleum at $71.5 million. Additional imports comprised niobium, tantalum, vanadium, and zirconium ore totalling $13.5 million, zinc ore worth $13.1 million, and raw aluminium amounting to $12.6 million. On the other hand, she emphasized that the Lekki Port’s significance has heightened due to the establishment of the CMA/CGM West Africa Express service, enabling a direct route from China to Lagos.

This development has played a crucial role in fostering trade growth between Nigeria and China, with the Lekki Port being valued at $1.5bn. According to data provided by the Chinese Customs Authority, the monetary value of trade conducted between Nigeria and China reached a staggering $22.6 billion in the year 2023. Remarkably, China remains unrivaled as the foremost global participant in trade, while Nigeria proudly secures the honourable position of being China’s third-largest trading partner within the continent of Africa, as relayed by the speaker.

Implementation of the Belt and Road Initiative.

Previously, in the year 2023, Yuqing made an additional statement stating that Nigeria had experienced a significant increase in its exports to China, seeing a growth rate of approximately 50 percent compared to the previous year. According to her, Nigeria has emerged as the foremost pioneering nation in successfully implementing the Belt and Road Initiative. She believes that this achievement will serve as a solid foundation for enhancing the stability and strength of the China-Nigeria partnership, ultimately creating a stronger and more secure future for both nations.

More so, China and Nigeria’s alliance sees a bolstering of ties, as cited by her, due to the arrival of the behemoth vessel, CMA CGM Scandola, at Lekki port. This colossal ship is capable of ferrying an impressive sum of 15,000 twenty-foot containers or their equivalent, all the way from the vast shores of China. She voiced her satisfaction with the Lekki Deep Seaport’s positive impact on Nigeria’s national modernization development, emphasizing its significance as a major achievement in the collaborative efforts of the Belt and Road initiative, which supports Africa’s industrialization.

Related Link: China-Nigeria Belt and Road Cooperation

Furthermore, this construction project, marking the cooperative endeavours between China and Nigeria, holds great importance in their joint journey. China and Nigeria have achieved remarkable success in collaborating on various infrastructure projects, including airports, seaports, railways, roads, and communication networks in recent years. Notable examples of their joint efforts include the construction of the Blue and Red Line Light Rail, the development of the Lagos-Ibadan Railway, and the enhancement of the international airport. This progress offers a preview of Lagos’ rapid transformation into a globally appealing metropolis, expressed Yuqing.

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AN-Toni
Editor
24 days ago

Nigeria-China maintain economic relationship. – Trade transactions between these two nations hit an impressive $22.6bn.Express your point of view.

Taiwo
Member
24 days ago

Nigeria and China continue their commercial ties. The remarkable $22.6 billion in trade was exchanged between these two countries.Nigeria remains China’s third-most important trading partner in Africa, which is fantastic and something we should continue. 

Adeoye Adegoke
Member
23 days ago

That’s really fascinating! The economic relationship between Nigeria and China is thriving, with trade transactions reaching an impressive $22.6bn. It’s incredible to see the impact of this partnership on both nations’ economies. The collaboration between Nigeria and China opens up opportunities for growth, investment, and technological advancements. As globalization continues to connect countries, it’s exciting to witness the positive effects of international trade and cooperation.

Kazeem1
Member
23 days ago

The effect that this collaboration is having on the economy of both countries is amazing. The connection between China and Nigeria strengthens and stabilizes the relationship between the two countries, providing prospects for progress and, eventually, a more secure and prosperous future for both.