The trade volume between Nigeria and China in 2024 surpassed $20 billion, according to Yu Dunhai, the Chinese Ambassador to Nigeria. Speaking during the Chinese Lunar New Year celebration in Abuja, Yu highlighted Nigeria’s role as a leading African nation with significant global influence and a key partner in BRICS.
Yu expressed optimism about deepening trade ties and advancing agreements from the Forum on China-Africa Cooperation (FOCAC), which aims to benefitthe citizens of both nations. He also noted that Nigeria remains China’s largest recipient of engineering contracts in Africa and its second-largest export market on the continent.
Yan Yuqing, the Consul-General of China in Lagos, reported that China’s gross domestic product grew by 5.0% in 2024, fostering both qualitative development and robust global economic momentum. She underscored the strong bilateral cooperation between Nigeria and China in areas such as infrastructure, trade, investment, and technology.
Yan highlighted initiatives like the Belt and Road Initiative (BRI) and Chinese trade fairs, which have significantly contributed to Nigeria’s economic development and strengthened trade relations.
In 2024, the Chinese consulate, in collaboration with businesses, academic institutions, and the Chinese community in Nigeria, launched the “Renewed Hope, Rebirth from the Light” charity project, which helped over 300 cataract patients regain their sight.
Looking ahead, the “Together Fight Against Hunger” charity project, scheduled for 2025, aims to support low-income groups in Nigeria and contribute to poverty alleviation efforts.
Despite robust cooperation, the trade volume between Nigeria and China in 2024 represented an 11.5% decline compared to 2023’s figure of $22.6 billion.
This highlights a shift in the longstanding trade relationship between the two nations, with China remaining a major destination for Nigeria’s primary exports and a key supplier of manufactured goods.
