Business and Economy

Nigeria-China Bilateral Trade Up 7.6%, Hits $7.2bn In Six Months of 2018

In the first six months of 2018, the value of Nigeria-China Bilateral Trade grew by 7.6 percent year-on-year to hit $7.2 billion, making China the third largest trading partner with Nigeria.

China’s Commercial Consular to Nigeria, Hongliang Gao, stated this at the opening ceremony of the 2018 China-Nigeria trade fair in Lagos on Thursday.

He said the Chinese government was committed to a sustainable mutually beneficiary relationship with Nigeria.

He noted that, with the increased interest in investments and trade between both countries, China would soon surpass trade relations with India which is presently Nigeria’s highest trading partner.

Gao said, “Nigeria is Africa’s first population country and the largest economy. It is rich in natural resources, fertile land and huge market potential. It is a hot land full of business opportunities.

“In recent years, the friendship between China and Nigeria has been further strengthened, high-level exchanges have become closer, political mutual trust has deepened, bilateral economic and trade cooperation have achieved fruitful results, and the scale of trade has continued to expand.

“From January to June this year, the bilateral trade volume between China and Nigeria reached $7.2 billion. It increased by 7.6 percent year-on-year.

“At present, Nigeria is China’s third largest trading partner in Africa, the largest engineering contracting market, and an important investment destination.

“The continuous and in-depth development of China-Nigeria economic and trade relations is in the common interest of the two peoples.”

He further spoke on the China Africa Summit in Vhina. He said, “Yesterday, the Beijing Summit of the Forum on China-Africa Cooperation was successfully concluded. Chinese President Xi Jinping shared the friendship and discussed the plans with the leaders of African countries.

“The Beijing Summit of the China-Africa Cooperation Forum is a major event in the historical development of China-Africa relations. It has established a historical monument of China-Africa friendly exchanges, played a strong voice of China-Africa economic and trade cooperation, and point out the future development direction of China –Africa relations.

“In particular, President Xi Jinping’s keynote speech at the opening ceremony of the summit, announced the eight major actions of cooperation with Africa and the support of $60 billion.”

He added: “The China-Africa Cooperation Forum closed successfully yesterday. Today, the 2018 China–Nigeria Expo has entered Lagos and was grandly opened. It is just the right time.

“The Expo is an important measure for the organisers and exhibitors to actively respond to the national ‘One Belt and One Road’ initiative, explore emerging markets in African countries, and optimise the layout of the international market.

“In this exhibition, nearly 100 companies from 13 provinces and cities in China participated, 200 booths and 4,000 square meters of exhibition area. The products exhibited included building materials, home appliances, and consumer electronics, textiles and clothing.

“It is hoped that the Chinese and Nigerian enterprises participating in the Expo will make full use of this new platform, extensively explore new areas of cooperation and new ways of cooperation, and open a new window for bilateral economic and trade exchanges.

“It is hoped that the enterprises of the two countries will actively exchange ideas and seize opportunities for cooperation to achieve mutual benefit and win-win results. All the participating guests attending the event should end up with satisfaction and fruitful result.”

Also, the Secretary General of International Silk Union, Jianming Fei, in his opening remarks, said the findings of Nigeria’s demand for silk has doubled in the past three years for which he hoped to establish a manufacturing base in Africa soon.


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