Nigeria, China Grow Trade Volume to $15bn

By Aduragbemi Omiyale

The trade volume between Nigeria and China increased in nine months to $15.1 billion, the Acting Consul General in the Chinese Embassy, Mr Jin Mingyu, has said.

“In 2023, bilateral trade between China and Nigeria reached $22.56 billion, with Nigeria ranking as China’s third-largest trading partner in Africa.

“From January to September 2024, China-Nigeria trade volume totalled $15.1 billion, with China’s imports from Nigeria increasing by 36.1 per cent year-on-year,” the diplomat stated at the arrival of the first vessel on COSCO’s new route to dock at Lekki Port, Lagos.

He also revealed that in the period under consideration, China’s imports from Nigeria increased by 36.1 per cent year-on-year, reaffirming the commitment of his country to the growth of Nigeria..

Mr Mingyu noted the growth of China-Nigeria trade relies mainly on collaboration, adding that the Chinese government hopes to see multinational enterprises working together to facilitate trade, build a modern port and logistics network in Nigeria, as well as share access to the vast Chinese market, and realise the benefits of development.

“The arrival of EA CENTAURUS marks a new breakthrough for Lekki Port in international shipping and will inject fresh momentum into Nigeria’s economic development, expanding the boundaries of cooperation between China and Nigeria in various sectors.

“It is a landmark project for Chinese companies in investment, and construction, as well as a successful model of multinational cooperation for shared success in Nigeria.

“COSCO, a global leader in the shipping and logistics industry, has launched a new route in partnership with Lekki Port, symbolising further breakthroughs in China-Nigeria collaboration in port construction and operation,” he added.

He also revealed that as of September, Lekki Port’s 2024 cargo throughput exceeded 160,000 twenty-foot equivalent units (TEUs), and that the Chinese government looks forward to seeing more merchant ships transporting unique Nigerian products to China.