Ex-minister woos Chinese manufacturers as bilateral trade volume hits $23.9 billion

Former Minister of Industry, Nike Akande, has persuaded manufacturers in China to consider moving their factories to produce in Nigeria.The move, she said, was for China to support Nigeria in its quests for industrialisation by deliberately putting in place measures that would aid the Nigerian government and people to improve their production capacity.

She said this at the China-Africa (Nigeria) production capacity cooperation symposium held at the Lagos International Trade Fair (LITF) complex, which had the theme: ‘Enhancing Economic Growth Through Sustainable Partnership.’

Akande said that China moving their factories to produce in Nigeria would provide jobs for the teeming population and improve the nation’s economy.

The Consul General of the People’s Republic of China in Nigeria, Yan Yuging, said despite the unprecedented changes globally, faced with a complex and ever-changing international landscape, China and Nigeria have continued to stand together, seeking mutual development and continuously writing new chapters of practical cooperation.

Stating that China was a significant trade partner to Nigeria, she noted that as of 2022, the bilateral trade volume between China and Nigeria reached $23.9 billion, with China’s exports to Nigeria amounting to $22.3 billion and imports from Nigeria totaling $1.6 billion.

According to her, in the first three quarters of 2023, bilateral trade stood at $17.25 billion, with exports to Nigeria being $15.67 billion and imports from Nigeria at $1.58 billion.

Yuging said it marked a 22.5 per cent increase in imports from Nigeria compared to the same period last year. She affirmed that Nigeria has become China’s second-largest trade partner in Africa, while China is Nigeria’s largest global source of imports.

Similarly, Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Olusola Obadimu, said the dynamic trade relationship between both countries has become a focal point in the global economy, characterised by mutual benefits and extensive opportunities.

He added that sustainable partnerships hold the key to a prosperous and equitable future and would further strengthen China-Africa trade relationship.