The trade volume between Nigeria and China in 2024 exceeded $20 billion, according to Chinese Ambassador to Nigeria, Yu Dunhai.
Speaking during the Chinese Lunar New Year celebration in Abuja on Saturday, Yu emphasized Nigeria’s significant role as a major African country with global influence and a key partner in BRICS.
He expressed optimism about enhancing trade relations and implementing agreements from the Forum on China-Africa Cooperation (FOCAC), which aims to benefit the citizens of both nations.
He also underscored Nigeria’s status as China’s largest engineering contract recipient and its position as the second-largest export market in Africa
Similarly, Yan Yuqing, China’s Consul-General in Lagos, noted that China’s gross domestic product grew by 5.0% in 2024, driving both qualitative economic development and reasonable quantitative growth.
This shows that the trade volume between Nigeria and China witnessed a significant decline of 11.5% in 2024 compared to the previous year.
China and Nigeria have a long-standing trade relationship, with China being one of Nigeria’s largest export markets globally. China’s manufactured goods dominate the trade relationship, while Nigeria’s primary products are the main exports to China.