Home Business Nigeria-China trade volume hits $12 billion in Q1 2022

Nigeria-China trade volume hits $12 billion in Q1 2022

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Nigeria-China trade volume hits $12 billion in Q1 2022

Chinese ambassador to Nigeria Cui Jianchun has said that the China-Nigeria trade volume rose by 7.1 per cent in the past year hitting $12 billion.

Mr Cui made this disclosure in Abuja at the Nigeria-China Cultural week, one of the activities lined up to commemorate Nigeria and China’s independence anniversary.

He said Nigeria remains the number one trading partner of China in Africa while hoping for a bigger economic boom in Nigeria with ongoing projects like the Lekki deep sea port, Zungeru Hydroelectric Power projects, and Dangote refineries, amongst others.

“Our efforts are bringing more benefits to the two peoples. In the first half of 2022, our bilateral trade volume reached $12.03 billion, up by 7.1 per cent year-on-year. Trade really is important not only to improve the quality of life,” noted Mr Cui.

“It is very important for the country’s economy. Trade is very important for development. So we are encouraging more businesses in Nigeria to produce a lot of commodities to export to the Chinese market, and China is the number one consumer market,” the Chinese ambassador added.

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