Yuqing: Nigeria-China Trade Volume Reached $5.4bn in Q1 2023

Eromosele Abiodun

The trade volume between Nigeria and China has hit close to $5.4 billion during the first quarter of 2023, the Consul General of the People’s Republic of China in Lagos, Ms. YAN Yuqing has said.

This is even as the Chinese government has reaffirmed its commitment is to work with the new managers of the Nigerian economy to strengthen the development strategy, dialogue, and enhance close contacts at various levels.

In a statement, Yuqing said the past decade witnessed the rapid development of China-Nigeria relations under the joint attention and promotion of the leaders of the two countries.

She added that bilateral trade reached $23.9 billion in 2022, noting that in spite of the impact of Covid-19, Nigeria still maintains its position as China’s largest civil engineering contracting market, second largest export destination, third largest trading partner and major investment destination. 

According to her, new opportunities are opening up for both China and Nigeria, while both sides are standing at a new historical starting point. 

She added that with the modernisation of over 1.4 billion Chinese people through peaceful development, China is bound to give a stronger impetus and more opportunities to the growth of the African and global economies.

“Just as Professor Charles Onunaiju, Director of the Center for China Studies of Nigeria, puts it, Chinese path to modernisation has set a good example for the world, especially for African countries. Currently, the African continent is facing many challenges. We hope to understand the Chinese Modernisation and learn from China’s experience in sustainable development,” she said.

She added, “We aim to promote more pragmatic cooperation within the framework of Africa-China cooperation. Dr. Olalekan A. Babatunde, a research fellow at the Institute for Peace and Conflict Resolution of Nigeria, also states that China is a good partner for Africa in its quest for modernisation.”

The The Consul General pointed out that through the Belt and Road Initiative and the Global Development Initiative, China is seeking opportunities to help Africa ensure food and energy security, create more job opportunities, and promote economic and social development.

“The opportunities arising from Chinese Modernisation will certainly benefit the 200 million Nigerian people. China is willing to work together with the new Nigeria Federal Government to strengthen the development strategy dialogue, enhance close contacts at various levels, firmly support each other, expand pragmatic cooperation in all aspects, and promote the development of China-Nigeria strategic partnership to a deeper and higher level,” she affirmed.

“Indeed, the consular district of the Chinese Consulate General in Lagos covers 20 states in southern Nigeria, a vast in territory, rich in natural resources with vibrant and talented population.  China and all the 20 states in the district have been working together to promote High-Quality Development of Belt and Road Cooperation, and many landmark construction projects by Nigeria-based Chinese enterprises have emerged one after another, greatly improving the infrastructure conditions and business environment in Nigeria, such as the Lekki Deep Sea Port, Lagos Rail Mass Transit and Lagos-Ibadan Railway,” she averred.

She also highlighted that Chinese technological enterprises are actively engaging themselves with Nigeria in communication technology, advancing the development of Nigeria’s digital economy and mobile payment.