The trade volume between Nigeria and China in 2024 exceeded $20 billion, according to Chinese Ambassador to Nigeria, Yu Dunhai.
Speaking during the Chinese Lunar New Year celebration in Abuja on Saturday, Yu emphasized Nigeria’s significant role as a major African country with global influence and a key partner in BRICS.
He expressed optimism about enhancing trade relations and implementing agreements from the Forum on China-Africa Cooperation (FOCAC), which aims to benefit the citizens of both nations.
He also underscored Nigeria’s status as China’s largest engineering contract recipient and its position as the second-largest export market in Africa
Growth in China’s GDP
Similarly, Yan Yuqing, China’s Consul-General in Lagos, noted that China’s gross domestic product grew by 5.0% in 2024, driving both qualitative economic development and reasonable quantitative growth.
- She added that this provided strong momentum for global economic recovery and international development cooperation.
- Yan Yuqing also reflected on the fruitful cooperation between China and Nigeria across various fields, including infrastructure, trade, investment, and technology.
- Notable initiatives such as the Belt and Road Initiative (BRI) and several Chinese trade fairs have contributed to Nigeria’s economic development and enhanced bilateral trade cooperation.
What you should know
- In 2024, the consulate, alongside the Chinese community in Nigeria, businesses, and academic circles, launched the “Renewed Hope, Rebirth from the Light” charity project to assist cataract sufferers, helping over 300 individuals regain their sight.
- Additionally, the consul-general announced the launch of the “Together Fight Against Hunger” charity project for 2025, aimed at supporting low-income groups in Nigeria, further contributing to poverty alleviation and hunger reduction efforts.
- During Chinese Foreign Minister Wang Yi’s recent visit to Nigeria, he highlighted three key achievements in China-Nigeria bilateral relations: a new leap in positioning the relations, a new platform created through solidarity and collaboration, and a new height in international cooperation.
- In November 2024, Nigeria’s Vice President Kashim Shettima highlighted that the trade relations with China had reached $22.6 billion in 2023, making it one of the largest trade partnerships in Africa.
This shows that the trade volume between Nigeria and China witnessed a significant decline of 11.5% in 2024 compared to the previous year.
China and Nigeria have a long-standing trade relationship, with China being one of Nigeria’s largest export markets globally. China’s manufactured goods dominate the trade relationship, while Nigeria’s primary products are the main exports to China.
