Here is an excerpt of a recent article revealing how much investing Nigeria has attracted from China.
The Charge d’Affairs of Chinese Embassy in Nigeria, Qin Jian is claiming that China has so far invested $2.5 billion in the nation’s economy especially in areas such as petroleum, solid minerals, telecommunications, broadcasting, construction materials and agriculture.
Jian similarly disclosed that Nigeria remains China’s first engineering contract market, third export market and fourth trading partner as well as one of the major destination of Chinese investment in Africa. He revealed that the bilateral trade volume between both countries from January to July 2016, stood at $6.46 billion which represented 7.6 percent of the total trade volume between China and Africa and 36.4 percent of total trade volume between China and ECOWAS. According to him, they would continue to promote infrastructure development in Nigeria and the rest of Africa in General.
Well, here is another way to look at it.
China and Nigeria both have a somewhat lopsided relationship especially when it comes to trade.
In terms of balance of trade, Nigeria as at 2015 spent about N1.5 trillion on imports from China compared to N157.4 billion in exports earnings from China. 2016 is also not that different. We have spent about N839 billion on imports from China and earned N82.3 billion in exports to China.
So we are effectively importing 10x more from China than what we export.
This helps put things into proper perspective.
Get the original article here: Chinese investment in Nigeria stands at $2.5bn, Qin Jian