Trading activities between Nigeria and China exceeded $20 billion in 2024, indicating a thriving business climate and growing economic ties between both countries.
The Chinese Ambassador to Nigeria, Yu Dunhai gave the trade volume figure during a special event in Abuja to mark the Chinese Lunar New Year, indicating the important role Nigeria will play as a BRICS partner country.
Dunhai expressed optimism about enhancing trade relations and implementing agreements from the Forum on China-Africa Cooperation (FOCAC), which aims to benefit the citizens of both nations. He also emphasised the importance of Nigeria’s position as the second largest export economy in Africa and the largest recipient of the Chinese engineering contract on the Continent.
In a similar vein, Yan Yuqing, the Consul-General of China in Lagos, highlighted that China’s gross domestic product experienced a growth of 5.0% in 2024, which has fostered both qualitative advancements in the economy and sustainable quantitative growth.
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She emphasised that this growth has provided significant impetus for global economic recovery and international collaborative development efforts. Yan Yuqing also reflected on the successful partnership between China and Nigeria in various sectors, including infrastructure, trade, investment, and technology. Key initiatives such as the Belt and Road Initiative (BRI) and numerous Chinese trade fairs have played a vital role in Nigeria’s economic progress and have strengthened bilateral trade relations.
