Trade volume between Nigeria, China down by $10m in 2022, says envoy

…FG frowns over continued exportation of raw materials
The Minister for Economic and Commercial Affairs, Embassy of the Republic of China in Nigeria, Wang Yingqi, has blamed the Covid-19 pandemic for the drop of Chinese trade volume to Nigeria from $ 300 million in 2021 to $ 290 million in 2022.

Yingqi, who doubles as Chinese Economic Affairs at the embassy, said his government is currently working out modalities for Nigerian businessmen to invest in China to further cement the already existing mutual relationship.

He said, “despite daunting challenges like the Covid-19 experience, the Chinese government is ever willing to promote the country’s investments in Nigeria because we have been enjoying support from the government and her agencies”.

He disclosed this, yesterday when he led a delegation of Chinese investors on a fact-finding mission to the Nigerian Export Promotion Commission (NIPC) in Abuja.

In her remarks, the NIPC Executive Secretary, Saratu A Umar said although Nigeria will continue to encourage foreign investors into the country, the country is more determined than ever before to put a stop to exportation of its raw materials.

Umar said, “We are now inviting our numerous investors, including the Chinese, to put more effort by establishing manufacturing and producing industries here instead of exporting only our raw materials. We expect Chinese companies to process our raw materials here locally, which will further promote value addition before exports.

“This will encourage a win-win benefit to both countries as it will help create jobs for our people, encourage technology transfer as well as help us conserve forex while our companies are free to repatriate their profits without delay. The whole essence is to ensure there is a great improvement along the value chain”.