Nigeria-China trade volume hits $15.1bn in 9 months
The bilateral trade between Nigeria and China reached an all-time high of $15.1 billion (about N25.7 trillion) between January and September 2024, with China’s imports from Nigeria increasing by 36.1 per cent year-on-year. The Acting Consul General, Consulate-General of China, Mr Jin Mingyu, who made this disclosure at the weekend, at a civic reception organised […]
The bilateral trade between Nigeria and China reached an all-time high of $15.1 billion (about N25.7 trillion) between January and September 2024, with China’s imports from Nigeria increasing by 36.1 per cent year-on-year.
The Acting Consul General, Consulate-General of China, Mr Jin Mingyu, who made this disclosure at the weekend, at a civic reception organised to welcome the arrival of the first vessel on COSCO’s new route to dock at Lekki Port, revealed that as of September, Lekki Port’s 2024 cargo throughput exceeded 160,000 twenty-foot equivalent units (TEUs), and that the Chinese government looks forward to seeing more merchant ships transporting unique Nigerian products to China.
He highlighted that the growth of China-Nigeria trade relies mainly on collaboration, adding that the Chinese government hopes to see multinational enterprises working together to facilitate trade, build a modern port and logistics network in Nigeria, as well as share access to the vast Chinese market, and realise the benefits of development.
He stated that both countries can seize the historic opportunity that globalisation offers to developing countries worldwide.
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“The arrival of EA CENTAURUS marks a new breakthrough for Lekki Port in international shipping and will inject fresh momentum into Nigeria’s economic development, expanding the boundaries of cooperation between China and Nigeria in various sectors.
“It is a landmark project for Chinese companies in investment, and construction, as well as a successful model of multinational cooperation for shared success in Nigeria. COSCO, a global leader in the shipping and logistics industry, has launched a new route in partnership with Lekki Port, symbolising further breakthroughs in China-Nigeria collaboration in port construction and operation.
“In 2023, bilateral trade between China and Nigeria reached $22.56 billion, with Nigeria ranking as China’s third-largest trading partner in Africa.
“From January to September 2024, China-Nigeria trade volume totaled $15.1 billion, with China’s imports from Nigeria increasing by 36.1 per cent year-on-year.”
Du Ruagang, Managing Director of Lekki Port, stated that the berthing of EA Centaurus, which marks the first of bi-weekly calls to Lekki Deep Sea Port by COSCO, ZIM and ONE shipping lines, is a symbol of the company’s unwavering dedication to positioning Lekki Port as a transformative force in the Nigerian maritime industry.
The Port Manager, Lekki Port, Mr Emmanuel Anda, stated that the arrival of EA Centaurus marks a new dawn for the port.
Anda, who spoke on behalf of the Managing Director of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, disclosed that the giant stride makes Lekki Port a trade hub in the sub-region.