China-Nigeria Bilateral Trade Soars to $17.25 Billion in First Three Quarters of 2023

The Consul General of China in Lagos, Yan Yuging, recently disclosed that the bilateral trade volume between China and Nigeria during the first three quarters of 2023 reached an impressive $17.25 billion.

This announcement was made during the China Commodities Expo-Nigeria Lagos, underscoring the robust economic partnership between the two nations.

Consul Yan Yuging highlighted the significance of the economic ties between China and Nigeria, describing Nigeria as China’s biggest contractor market and a major investment destination in Africa.

China’s investments in Nigeria have primarily been concentrated in the manufacturing sector, with a particular focus on steel, automobiles, machinery, electronics, and daily necessities.

According to Yan Yuging, “China is a significant trade partner for Nigeria.”

He noted that the bilateral trade volume between the two nations had already reached $23.9 billion in 2022, with China’s exports to Nigeria amounting to $22.3 billion and imports from Nigeria totaling $1.6 billion.

In the first three quarters of 2023, the bilateral trade volume remained robust at $17.25 billion with exports to Nigeria rising to $15.67 billion and imports from Nigeria totaling $1.58 billion.

This represents a 22.5 percent increase in imports from Nigeria compared to the same period the previous year.

Yan Yuging emphasized that Nigeria has ascended to become China’s second-largest trade partner in Africa, while China remains Nigeria’s largest global source of imports.

The Consul also highlighted the significant investments in Nigeria, particularly in the Lekki Free Trade Zone and the Ogun-Guangdong Free Trade Zone, which have exceeded $1 billion.

He pointed out that Chinese companies are actively involved in various contracted engineering projects in Nigeria, contributing to local economic and social development.

These projects include the Lekki Deep Sea Port, the Dangote Refinery, the Lagos Blue Line Light Rail, the Lagos International Airport, and the Lagos-Ibadan Railway, all of which have played a pivotal role in fostering bilateral economic and trade cooperation and supporting local development.