Nigeria-China trade hits $7.2bn in six months

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The trade volume between Nigeria and China from January to June this year was $7.2bn (N2.6tn).

The Chinese Commercial Consular, Chao Xiaoliang, disclosed this on Wednesday while addressing guests at the opening of the 2018 Nigeria-China Expo and Trade Fair in Lagos.

Xiaoliang said this represented an increase of 7.6 per cent year-on-year in trade volume between the two countries.

Trade volume between Nigeria and China in 2017 reached nearly $14bn, an increase of 29.7 per cent over the previous year, Xiaoliang had said at a forum in July, adding that from January to May, 2018, the China-Nigeria bilateral trade volume reached $5.8bn, with increase of 7.3 per cent over the previous year.

He attributed the fruitful relationship between China and Nigeria to a deepening mutual and political trust, which had increased bilateral economic and trade cooperation, thereby leading to expansion in the scale of trade.

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

The Managing Director, Nigeria Export Processing Zones Authority, Mr Emmanuel Jime, who was represented by the General Manager, Zones Operations, NEPZA, Mr Muazu Ruma, said the organisation always had relationships with Chinese industrialists.

 

Source: PUNCH.

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