- Nigeria, China Trade Hit $2.7bn in 2017 – ACCI
The President of the Abuja Chamber of Commerce and Industry, Adetokunbo Kayode, on Monday put the value of merchandise trade between Nigeria and China in the 2017 fiscal period at $2.7bn.
He said this at a forum organised by the Chinese Economic and Commercial CounseLlor, Zhao Linxiang, at the Embassy of the People’s Republic of China in Abuja.
Kayode described the economic and diplomatic ties between Nigeria and China as one that had impacted positively on the economies of both nations, adding that such a beneficial relationship needed to be strengthened.
He commended the Chinese government for its intervention in Nigeria, especially in the area of critical infrastructure such as rail, airport and road development.
Kayoed stated, “The China-Nigeria bilateral trade cooperation hit a record $2.7bn as at 2017, which makes Nigeria the third largest economic partner of China in Africa.
“However the next stage of economic engagement between Nigeria and China must be about practical industrial development. We are ready to partner China to establish industrial parks for various industrial sectors all over Nigeria.”
The ACCI president called on the indigenous business community to work closely with China in sectors that would unlock the economic potential of Nigeria.
He gave some of these sectors as mining, agriculture, power, automobile, general manufacturing, telecommunications, and science and technology.
Earlier in his speech, Linxiang commended the level of trade between both countries, stating that his country would scale up its activities in Nigeria.
He said China was working on how to assist Nigeria overcome its infrastructure challenges through a funding arrangement that would reduce the financial pressure on capital projects.