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Tag: China-Nigeria bilateral trade

  • China-Nigeria bilateral trade surpasses $17.1 Billion in October 2024 – Yuqing

    China-Nigeria bilateral trade surpasses $17.1 Billion in October 2024 – Yuqing

    The Consul General of the People’s Republic of China in Lagos, Ms. Yan Yuqing, has announced that bilateral trade between China and Nigeria exceeded $17.1 billion as of October 2024. 

    Highlighting the strengthened economic ties, Yuqing noted improvements in the trade structure between the two nations.

    She also acknowledged the active participation of tens of thousands of Nigerian entrepreneurs in major trade events, including the Canton Trade Fair and the China International Import Expo. 

    These insights were shared in her article titled “China and Nigeria Join Hands to Write a Glorious Chapter of Friendly Cooperation in 2024.” 

    Yuqing emphasised that throughout 2024, China and Nigeria maintained steadfast support for one another, fostering mutual benefits and achieving win-win outcomes in their collaboration.

    Yuqing said: “The consular district of the Chinese Consulate General in Lagos covers 20 states in the southern part of Nigeria, which are economically developed, rich in natural resources, and have broad prospects for development.

    “Over this year, in addition to promoting the deepening of economic and trade, education, medical and health cooperation between Lagos State and China’s Jiangxi Province and Qingdao City, I have also visited Ogun State several times and travelled to Edo State, Ekiti State, Ondo State, and Cross River State. By strengthening cooperation in industrialisation, agricultural modernisation, and talent development, we have deepened the sister city relationships between Edo State and Fuzhou City, and Ondo State and Linyi City.”

    Read Also: Nigeria is China’s largest engineering contracting market in Africa – Yuqing 

    On education, Yuqing stated that “Over the past year, we have worked closely with the University of Lagos (UNILAG), Afe Babalola University (ABUAD), the University of Port Harcourt, and others, facilitating direct dialogues between Chinese and Nigerian counterparts and expanding the space for academic research. We have established the Lagos Forum in collaboration with the Nigerian Institute of International Affairs (NIIA), the Africa China Economy Magazine, and the Institute of African Studies at Zhejiang Normal University.”

    “Over the past year, China and Nigeria have achieved much in the field of infrastructure and engineering contracting. In January this year, I had the honour of witnessing the largest container ship in Nigeria’s history docking at Lekki Deep-sea Port. This marks the largest deep-sea port in West Africa, built by a Chinese company, as a new global “business card” for Nigeria. 

    “In February, I witnessed the launching ceremony of the first phase of the Lagos Rail Mass Transit (LRMT) Red Line Project and the signing of the agreement on its second phase, which once again demonstrated that the Nigerian side had the same trust in Chinese-funded enterprises as in the past,” she added.

  • China-Nigeria bilateral trade hits $22.5b, says Chinese envoy

    China-Nigeria bilateral trade hits $22.5b, says Chinese envoy

    • Tinubu appoints Tegbe to lead both nations’ Strategic Partnership

    The trade relations between China and Nigeria hit $22.5 billion last year, the Chinese Ambassador to Nigeria, Yu Dunhai, has said.

    The envoy said this as House of Representatives Speaker Tajudeen Abbas announced that the National Assembly would deploy the necessary legislative framework to support the implementation of China-Nigeria agreements.

    Both countries recently signed 13 new agreements during President Bola Tinubu’s visit to China.

    Dunhai and Abbas spoke at the weekend during a reception for the celebration of the 75th anniversary of the Founding of the People’s Republic of China.

    Dunhai said: “In 2023, bilateral trade between our two countries reached $22.5 billion. Our practical cooperation has achieved fruitful results in infrastructure, investment, trade, agriculture and green economy, covering projects for the aviation, on the land and in the sea. “The projects have brought tangible benefits to both Chinese and Nigerian people, and provided concrete support for Nigeria’s social and economic development.”

    Read Also: Delayed benefits  

    The envoy stressed that “Nigeria remains China’s largest project contracting market, the second largest export market, third largest trading partner, and a major investment destination in Africa”.

    He added that since the establishment of diplomatic relations in 1971, both countries have been enjoying a long-standing friendship, with strengthened high-level engagements, consolidated political mutual trust, deepened people-to-people exchanges, and fruitful outcomes of practical cooperation.

    Abass said: “The National Assembly would deploy the necessary legislative framework to support the implementation of these agreements.”

    The Speaker also said the House of Representatives would engage its Chinese counterpart as part of the efforts to explore more opportunities.

    He said: “I am pleased to announce that the House of Representatives will be actively engaging through our China-Nigeria Parliamentary Friendship Group.

    “This initiative aims to explore various areas for collaboration and cooperation, focusing on sectors, such as trade, technology transfer, infrastructure development, and cultural exchange.

    “By learning from China’s experience in leveraging its legislature for national advancement, we can better position ourselves to address the challenges facing our own country.

    “As we look forward to future endeavors together, let us reaffirm our commitment to enhancing cooperation between Nigeria and China. It is imperative that we work hand-in-hand to address common challenges while seizing opportunities for growth that benefit both nations.”

    Abbas stressed that the recent agreements the forum reached with President Bola Ahmed Tinubu signified a renewed commitment to strengthening our bilateral ties.

    Also, President Tinubu has appointed Joseph Olasunkanmi Tegbe as the Director General and Global Liaison for the Nigeria-China Strategic Partnership.

    The appointment followed the President’s visit to China early this month when Nigeria and China agreed on key areas of cooperation.

    A statement yesterday in Abuja by the Special Adviser to the President on Information on Strategy, Bayo Onananuga, said Tegbe, a 1988 First-Class graduate in Civil Engineering from the Obafemi Awolowo University (OAU) at Ile-Ife Osun State, will report directly to the President.Tegbe is a fellow of the Institute of Chartered Accountants of Nigeria (FCA) and a fellow of the Chartered Institute of Taxation of Nigeria (CITN). 

    He will immediately submit a strategic action plan that will ensure Nigeria benefits from the agreements between the two countries.

    As the czar of the strategic partnership, the director general will lead day-to-day operations, engage continuously with the Chinese counterparts, and ensure that all deliverables are met and synchronised with national development goals.