The trade volume between Nigeria and China surpasses $20 billion in 2024, according to the Chinese Ambassador to Nigeria, Yu Dunhai. Speaking during the Chinese Lunar New Year celebration in Abuja, Yu underscores Nigeria’s vital role as a leading African nation and a key member of BRICS. He highlights the country’s importance in fostering economic collaboration, emphasizing efforts to implement agreements under the Forum on China-Africa Cooperation (FOCAC) for mutual prosperity.
Yu also points out that Nigeria stands as China’s largest recipient of engineering contracts in Africa and ranks as the continent’s second-largest market for Chinese exports.
Yan Yuqing, China’s Consul-General in Lagos, reveals that China’s GDP grows by 5.0% in 2024, fueling global economic recovery and enhancing development partnerships. She emphasizes the fruitful collaboration between Nigeria and China across sectors like infrastructure, trade, investment, and technology. Initiatives such as the Belt and Road Initiative (BRI) and trade expos continue to drive Nigeria’s economic growth and deepen bilateral ties.
In 2024, the Chinese community in Nigeria launches the “Renewed Hope, Rebirth from the Light” initiative, which provides cataract surgeries to over 300 individuals. Plans for 2025 include the “Together Fight Against Hunger” project, aimed at supporting low-income communities in Nigeria and addressing poverty-related challenges.
China remains one of Nigeria’s most significant trading partners, with raw materials forming the bulk of Nigerian exports and Chinese manufactured goods dominating imports. Despite a reported 11.5% decline in trade volume compared to $22.6 billion in 2023, both nations continue to work on strengthening economic ties and expanding collaboration in critical sectors. Efforts are ongoing to further solidify Nigeria-China relations and boost trade in the years to come.
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