Yuqing: China’s Investments in Lekki, Ogun-Guangdong Free Trade Zones Exceed $1bn
Kayode Tokede
The Consul General of People’s Republic of China in Lagos, Ms Yan Yuqing, yesterday disclosed that the country’s investments in the Lekki Free Trade Zone and the Ogun-Guangdong Free Trade Zone has exceeded $1 billion.
Yuqing asserted that the bilateral trade volume between China and Nigeria reached $23.9 billion in 2022, adding that imports to Nigeria was $22.3 billion and exports from Nigeria was $1.6 billion.
Speaking in Lagos at the Opening ceremony of the China Commodities Expo-Nigeria organised by Brightway International Exhibition Company, the Consul General explained, “In the first three quarters of 2023, bilateral trade stood at $17.25 billion, with exports to Nigeria being $15.67 billion and imports from Nigeria at $1.58 billion, marking a 22.5per cent increase in imports from Nigeria compared to the same period last year. Nigeria has become China’s second-largest trade partner in Africa, and China is Nigeria’s largest global source of imports. The 134th Canton Fair was successfully held, with nearly 200,000 overseas buyers from 229 countries and regions participating, an increase of 53.4per cent over the previous session.
“The 6th China International Import Expo (CIIE) is currently being held in Shanghai. China is actively working to transform its vast domestic market into a market that the world can share, providing new opportunities for the world through China’s new development initiatives. Nigeria is a pilot country for China and Africa to jointly build the Belt and Road Initiative. We welcome more Nigerian businessmen to buy goods in China and encourage more Chinese companies to hold exhibitions and invest in Nigeria so as to bring products and technologies for green and high-quality development to Nigeria.”
She added that Nigeria was China’s biggest contractor market and a major investment destination in Africa, adding that China’s investments in Nigeria were primarily concentrated in the manufacturing sector.
Meanwhile, the governor of Lagos state, Mr Babajide Sanwo-Olu, who was represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medeben, reiterated the commitment of state government at providing enabling environment for investors, saying that his administration through friendly policies had attracted more investors.
“Our administration in Lagos State would continue to initiate policies and implement programmes that would support the large micro-operators and Small and Medium Enterprises in Lagos, while improving the business environment towards making it more attractive for investment, “Sanwo-Olu said.
