Despite both countries’ efforts to improve their trade relations, Nigeria and China’s bilateral trade fell by N37.3 billion ($80 million) in 2022 compared to the previous record year of 2021.
Wang Yingqi, Minister and Counselor for Economic and Commercial Affairs at the Embassy of the People’s Republic of China, was in charge of the team from the Chinese Chamber of Commerce that met with the Executive Secretary of the Nigerian Investment Promotion Commission. He mentioned that in 2022 and 2021, respectively, the trade record was $219 million and $300 million.
“Nigeria and China have maintained a long-standing trade relationship, which is why the visit was important to seek out ways to improve bilateral ties as trade value alone in the past year, according to our statistics, the total investment from Chinese companies in Nigeria is around $219m, and in the past year, the figure is also around $300m.” According to Wang Yingqi, “China and Nigeria have maintained a long-standing trade relationship, which is why the visit was important to seek ways of improving bilateral relations as trade value alone in the past year, according to our statistics, the total investment from China’s companies to Nigeria is around $219m, and in the past year, the figure is also around $300m.”
As a result of the public-private partnership between the federal government and the Lagos State Government, he continued, the Chinese government has invested in the Lekki Free Trade Zone.
In response, the Executive Secretary of the NIPC, Saratu Umar, underlined the federal government’s commitment to developing greater commercial ties with China in support of both countries’ investment initiatives and said that it was finally time for Nigeria to start exporting finished goods to China.
“Over the years, Nigeria has always imported raw materials to China, but we want to step it up a notch so that we can start exporting semi-processed and finished items,” she said. So that Nigeria may include them in the Investment Masterplan, we want the Chinese business environment to indicate areas of interest, whether they be in solid minerals or agriculture.
