Bilateral Trade Between Nigeria, China Now $15bn
China’s imports from Nigeria increased by 36.1 per cent between January and September as bilateral trade between the two countries reached $15.1bn within the period, the acting Consul-General of China, Mr Jin Mingyu, has said.
Mingyu disclosed this in Lagos during a civic reception organised to welcome the arrival of the first vessel on COSCO’s new route to dock at Lekki Port.
He stated that as of September, Lekki Port’s 2024 cargo throughput exceeded 160,000 twenty-foot equivalent units, adding that the Chinese Government looks forward to seeing more merchant ships transporting unique Nigerian products to China.
“In 2023, bilateral trade between China and Nigeria reached $22.56bn, with Nigeria ranking as China’s third-largest trading partner in Africa. From January to September 2024, China-Nigeria trade volume totaled $15.1bn, with China’s imports from Nigeria increasing by 36.1 per cent year-on-year,” Mingyu said.
He highlighted that the growth of China-Nigeria trade relies mainly on collaboration.
He said the Chinese government hopes to see multinational enterprises working together to facilitate trade, build a modern port and logistics network in Nigeria, as well as share access to the vast Chinese market, and realise the benefits of development.
He stated that both countries can seize the historic opportunity that globalisation offers to developing countries worldwide.
According to him, the arrival of EA CENTAURUS marks a breakthrough for Lekki Port in international shipping and will inject fresh momentum into Nigeria’s economic development, expanding the boundaries of cooperation between China and Nigeria in various sectors.
“It is a landmark project for Chinese companies in investment, and construction, as well as a successful model of multinational cooperation for shared success in Nigeria. COSCO, a global leader in the shipping and logistics industry, has launched a new route in partnership with Lekki Port, symbolising further breakthroughs in China-Nigeria collaboration in port construction and operation,” he said.
The Managing Director of Lekki Port, Du Ruagang, stated that the berthing of EA Centaurus, which marks the first of bi-weekly calls to Lekki Deep Seaport by COSCO, ZIM and ONE shipping lines, is a symbol of the company’s unwavering dedication to positioning Lekki Port as a transformative force in the Nigerian maritime industry.
