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Sunday, February 25, 2024

Nigeria-China bilateral trade hits $22.6 billion, Consul General reveals

Chinese Official Highlights Growing Economic Partnership as Largest Container Vessel Docks in Nigerian Port

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Yan Yuqing, representing the Chinese Ambassador to Nigeria and serving as the Consul General of the People’s Republic of China, unveiled the thriving bilateral trade relations between Nigeria and China, disclosing a substantial trade volume of $22.6 billion in 2023.

Speaking at the arrival ceremony of the CMA CGM Scandola, the largest container vessel to dock at a Nigerian port, Yuqing underscored Nigeria’s pivotal role as China’s third-largest trading partner in Africa.

Highlighting key trade statistics, Yuqing detailed the composition of trade flows between the two nations. Notable exports from China to Nigeria included synthetic filament yarn woven fabric, pesticides, and mobile telephone devices, while Nigeria exported petroleum gas, crude petroleum, and other mineral resources to China.

Emphasizing the significance of strategic infrastructure projects, Yuqing highlighted the $1.5 billion Lekki Port as a critical enabler for expanding trade ties between Nigeria and China. She hailed the direct shipping service from China to Lagos, facilitated by the CMA/CGM West Africa Express service, as a catalyst for enhancing bilateral trade volumes.

In addition to trade, Yuqing highlighted Nigeria’s role as a pioneering nation in the Belt and Road Initiative, fostering a shared future and promoting stability in the China-Nigeria partnership.

The arrival of the CMA CGM Scandola at Lekki port symbolized a deeper level of cooperation between the two nations, according to Yuqing. With its capacity to carry 15,000 twenty-foot containers directly from China, the vessel exemplified the strengthening ties and mutual benefits arising from collaboration in the maritime sector.

Yuqing praised Nigeria’s progress in infrastructure development, citing landmark projects such as the Blue and Red Line Light Rail, the Lagos-Ibadan Railway, and modernization efforts at international airports as indicators of Lagos’ transformation into a globally competitive metropolis.

As the economic partnership between China and Nigeria continues to flourish, Yuqing expressed optimism about the future trajectory of collaboration, underscoring the shared commitment to advancing mutual prosperity and sustainable development agendas.

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