Trade volumes between Nigeria and China stood at $22.6bn during the course of 2023

NIGERIA has maintained her position as China's third largest trading partner in Africa with the volume of trade between both nations rising to $22.6bn during the course of 2023 according to data just published by the Chinese embassy in Abuja.

Yan Yuqing, the representative of the Chinese ambassador to Nigeria and the consul-general of the People’s Republic of China, said that bilateral trade between both countries stood at $22.6bn in 2023, adding that Nigeria maintained its position as China’s third-largest trading partner in Africa. She disclosed this in Lagos at the arrival ceremony of CMA CGM Scandola, the largest container vessel to call at a Nigerian port.

In November last year, it was reported that China's top exports to Nigeria were synthetic filament yarn woven fabric ($160m), pesticides ($84.1m), non-knit women’s suits ($81.5m), mobile telephone devices ($67.2m) and artificial hair ($59m). Nigeria's main exports to China were petroleum gas ($95.8m), crude petroleum ($71.5m), niobium, tantalum, vanadium and zirconium ore ($13.5m), zinc ore ($13.1m) and raw aluminium ($12.6m).

According to Ms Yuqing, with the deployment of the CMA/CGM West Africa Express service direct from China to Lagos, the $1.5bn Lekki port has become critical to growing the trade volume between Nigeria and China. She added that the new service is set to boost trade between the two nations.

Ms Yuqing  said: “The volume of bilateral trade between Nigeria and China stood at $22.6bn in 2023, according to statistics from the Chinese Customs Authority. China maintained its position as the top global trading partner and Nigeria stands as the third-largest trading partner for China in Africa.”

Also, Ms Yuqing added that Nigeria’s export to China had also witnessed a year-on-year growth of about 50% in 2023. She said Nigeria was the outstanding pilot nation for the Belt and Road Initiative, making a community with a shared future for China-Nigeria more stable and robust.

According to Ms Yuqing, the arrival of CMA CGM Scandola at Lekki port with a capacity to carry 15,000 20-foot containers or equivalent units directly from China, makes the cooperation between China and Nigeria stronger.

Ms Yuqing  added: “The Lekki Deep Seaport is a significant milestone in the high-quality joint construction of the Belt and Road, between China and Nigeria. We are pleased to see it playing a positive role in Nigeria’s national modernization development.

“In recent years, the cooperation between China and Nigeria in the field of airport, seaport, railway, road, communication network and other infrastructure has made great achievement. Projects such as the Blue and Red Line Light Rail, the Lagos-Ibadan Railway and the international airport gave us a glimpse of Lagos accelerating into a globally attractive supercity.”