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China-Nigeria Trade Volume Hits $8.6b

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  • China-Nigeria Trade Volume Hits $8.6b

The total trade between Nigeria and the world’s second-largest economy, China, rose to $8.6 billion in the first half of the year, stated Mr. Chu Maoming.

Chu Maoming, the Chinese Consul General, disclosed this during a speech at the 70th anniversary of the founding of the People’s Republic of China in Lagos.

It should be recalled that the National Bureau of Statistics (NBS) reported that Nigerians spent N1.99 trillion on Chinese imports in the first half of the year. Representing an increase of 88 percent when compared with N1.06 trillion recorded in the same period of 2018.

Maoming said: “Because of our joint efforts, the practical cooperation in all fields between our two countries has bore rich fruit. The bilateral trade reached $8.6bn from January to June 2019 with 20.7 per cent year-on-year growth.

“China now is still Nigeria’s largest source of imports and second-largest trading partner.

“A large number of cooperative projects are vigorously promoted by both sides, such as the Zungeru Hydropower Plant, Mambilla Power Project, Lekki Deep Seaport, Lagos-Calabar coastal railway line, etc.”

The consulate general said with more Nigerian students now studying in China through the Chinese government scholarship, China has now set up two Confucius Institutes in Nigeria.

“I’ve seen many government officials, business leaders, academics, legal practitioners and innumerable warm-hearted people from Nigeria spare no efforts to help the Chinese people when they need assistance,” he said.

He said the good relationship between Nigeria and China has set a new example for other African nations.

China remains Nigeria’s largest importing nation as almost N2 trillion was imported in the first half of 2019 alone, while India is Nigeria’s biggest exporting nation.

Nigeria’s total trade volume in the first half rose by 24.2 percent to N8.6 trillion.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.