By Sunday Ani
The Consul General of the People’s Republic of China in Lagos, Yan Yuqing, on Tuesday, disclosed that Nigeria has become China’s second largest trade partner in Africa, saying the bilateral trade between both countries in the first three quarters of 2023 stood at $17.25 billion.
Yuqing, who spoke at the 2023 China Commodities Expo-Nigeria organised by Brightway International Exhibition Corp Limited in Lagos, said according to Chinese customs data, the bilateral trade volume between China and Nigeria reached $23.9 billion in 2022, with China’s exports to Nigeria amounting to $22.3 billion and imports from Nigeria totalling $1.6 billion.
She added that with exports to Nigeria standing at $15.67 billion and imports from Nigeria at $1.58 billion, it marked a 22.5 percent increase in imports from Nigeria compared to the same period last year.
She said: “Nigeria is also China’s biggest contractor market and a major investment destination in Africa. China’s investments in Nigeria are primarily concentrated in the manufacturing sector, with a focus on steel, automobiles, machinery, electronics, and daily necessities.
“Investments in the Lekki Free Trade Zone and the Ogun-Guangdong Free Trade Zone, have exceeded $1 billion. Chinese companies have a large number of contracted engineering projects in our territory, such as the Lekki Deep Sea Port, the Dangote Refinery, the Lagos Blue Line Light Rail, the Lagos International Airport, and the Lagos-Ibadan Railway, significantly promoting local economic and social development.
“These investments and projects have promoted local economic and social development, making a significant contribution to deepening bilateral economic and trade cooperation.
“In October, the third Belt and Road Forum for International Cooperation was held in Beijing. China signed a series of cooperation documents with more than 150 countries and over 30 international organisations. A large number of infrastructure projects and projects benefiting the people will be implemented gradually. Due to the principles guiding China’s Africa policy, including sincerity, real results, amity, and good faith, and the high quality Belt and Road Initiative (BRI), China-Nigeria relations are steadily advancing, with deepening cooperation in trade, investment, and contracted projects.”
Also speaking, Governor Babajide Sanwo-Olu of Lagos State, represented by the Commissioner for Industry, Trade and Investment, Folashade Ambrose-Medem, said: “Nigeria is China’s third largest trading partner in Africa and China is Nigeria’s largest source of imports. In 2021, Nigeria-China trade reached $25.68 billion, rising by 33.3 percent year on year, while Nigeria’s exports to China reached $3.04 billion, rising by 22.4 percent year on year. In the Lekki Free Trade Zone and Ogun-Guangdong Free Trade Zone alone, more than $1.5 billion have been committed by Chinese investors and over 7000 jobs have been created.
“Lekki Free Trade Zone, Lekki Deep Sea Port, the first phase of the Lagos Blue Line Rail and various road construction projects, among others. The State Government is willing to take this further as we seek the participation of investors in the development of more climate resilient infrastructure in transportation, health, housing, environment, agriculture and so on.”
On his part, the president of Ikorodu Chamber of Commerce and Industry, (ICCI), Mr Rasheed Shoderu, represented by Chief Olusegun Oduloye, said: “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. It is refreshing to observe the enthusiasm of business men and inventors.
“We are delighted to be partnering with Brightway and we are committed to supporting businesses and entrepreneurs to create an enabling environment for businesses to thrive. This initiative has opened up frontiers for businesses. The reverberation of this event will be felt for a long time to come.”