Nigeria-China Unveils Trade Value that Nails $8.6 Billion

In its bid to invest in trade and boost its value, the Trade between Nigeria and China has reached $8.6 billion in the first half of 2019, which was disclosed by Chinese Consul-General, Chu Maoming in Lagos. He also said the ties between the two countries was waxing stronger daily.

Maoming, while speaking at the occasion of China Shandong Export Commodities Special Day at the just ended 33rd Lagos International Trade Fair, said Chinese companies were willing to invest in Nigeria as part of the recent bilateral agreements between the two countries. While, Shandong is one of 33 provinces in the People’s Republic of China.

The Consul- General said the Chinese private sector investors have concluded plans to increase the volume of trade with Lagos to the tune of billions of dollars, adding that the investment would result in job creation and knowledge transfer among other things.

He said with a contribution of 33 per cent to the world economy, China has become a strong actor in the global economy, and it was the outcome of commitment of the people and leadership of the People’s Republic of China.

President of Lagos Chamber of Commerce and Industry (LCCI), Babatunde Paul Ruwase, who acknowledged the burgeoning relationship between Nigeria and China said the ties was beginning to yield positive results, which has been attested by the $3.9 billion contract the Federal Government signed in October , 2019 with the China Railway Construction Corporation Limited for the construction of a new Abuja-Itakpe-Lokoja rail line.

Similar ongoing projects such as Mambilla Power Project, Lagos-Calabar coastal railway line and Zengeru Hydropower Plant are outcome of the growing bilateral corporation between Nigeria and the People’s Republic of China.

Ruwase also cited the recently sign $629 million facility by the Lagos State Government with China Development Bank (CDB) for the completion of Lekki Deep Seaport Project.

He said the China has become a key player in the global economy, adding that her contributions should not be taken lightly.

“Permit me to say that the Chinese economy has shown resilience and great potential amid the twist and turn of economic globalisation, ” he said, adding, with a population of about 1.4 million.” Ruwase added.