Nigeria becomes China’s third largest trading partner as trade rise 28.5%

Bilateral trade between Nigeria and China reached $11.2 billion, a growth rate of 28.5 percent within the first 10 months of 2017 making Nigeria, China’s third largest trading partner and second export partner in Africa according to Embassy of China.

“China’s total investment in Nigeria had, so far, reached $2.7 billion,” said Zhao Linxiang, Economic and Commercial Counsellor, Embassy of China at a reception for participants of training courses in China in Abuja.

“According to the Nigeria Bureau of Statistics, our investment in non-oil field is $38.58 million, which is 4.6 times of the year 2016, and in November, Mambilla Hydro power station contract was signed worth $5.8 billion, which means it is the largest contract signed in two years,“ he further said.

Also, he said that cooperation between the countries in the area of infrastructure development had deepened, adding that cooperation in infrastructure would be fulfilled under the framework of the 10 major China-Africa cooperation projects.

He said that the Forum for China-Africa cooperation summit to be held in September in Beijing would expand cooperation between both countries, and stressed the commitment of the Chinese government to strengthen mutually beneficial cooperation with Nigeria in the areas of agriculture, fishery, petroleum refining, mineral extraction, textile and manufacturing among others.