Nigeria-China bilateral trade dips $81m in 2022

By Business AM

The trade value between China and Nigeria saw a $81 million year-on-year decline as  trade deals in 2022 stood at $219 million, compared to $300 million recorded in 2021.

Wang Yingqi,the minister and counsellor for economic and commercial affairs, Embassy of the People’s Republic of China, made the disclosure,during a meeting between a delegation of the Chinese Chamber of Commerce and the the Nigerian Investment Promotion Commission (NIPC), in Abuja,

Yingqi, in his address, said: “Nigeria and China have maintained a long-standing trade relationship which is why the visit was important to sought ways of improving bilateral relations as trade value alone in 2022 is about $219m (N100.8bn) and $300m (N138.1bn) in 2021.”

The Chinese minister also noted  that the Chinese business committee is seeking the federal government’s support in providing a conducive environment for business to thrive, just as both countries make efforts to improve bilateral relations.

Speaking further, he said as a result of the Public Private Partnership with the federal government and the Lagos State Government, the Chinese government has an investment in the Lekki Free Trade Zone.

In response, Saratu Umar, chief executive of the NIPC said the federal government has always welcomed trade facilitation with China, adding that it was time for Nigeria to start exporting finished goods to China.

“Overtime, Nigeria has always imported raw material to China, but we want to take it a notch further to ensure that we start exporting semi processed and finished goods,” she said.

Umar further explained that the development is the reason why the Commission wants the Chinese business environment to identify areas of interest whether it is agriculture or solid minerals,so Nigeria can integrate it into the investment masterplan.