Inflation, poverty rate dip Nigeria-China trade to $20b in 2024

Trade volume between Nigeria and China in 2024 reduced to about $20 billion, in comparison with $22.6 billion recorded the previous year, the Chinese Ambassador to Nigeria, Yu Dunhai, has said.

Speaking during the Chinese Lunar New Year celebration in Abuja, Yu, however, stressed Nigeria’s significant role as a major African country with global influence and a key partner in BRICS.

In 2023, trade volume stood at $22.6 billion, one of the highest in Africa. However, rising poverty and a greatly diminishing purchasing power stemming from inflation, has seen trade volume fall by $2.6 billion in one year, a significant decline of 11.5 per cent in 2024 compared to the previous year.

He, however, expressed optimism about enhancing trade relations and implementing agreements from the Forum on China-Africa Cooperation (FOCAC), which aims to benefit the citizens of both nations. He also underscored Nigeria’s status as China’s largest engineering contract recipient and its position as the second-largest export market in Africa .

Similarly, China’s Consul-General in Lagos, Yan Yuqing, noted that China’s gross domestic product grew by 5.0 per cent in 2024, driving both qualitative economic development and reasonable quantitative growth. She added that this provided strong momentum for global economic recovery and international development cooperation.

Yuqing also reflected on the fruitful cooperation between both countries across various fields, including infrastructure, trade, investment and technology, saying initiatives, such as the Belt and Road Initiative (BRI) and several Chinese trade fairs had contributed to Nigeria’s economic development and enhanced bilateral trade cooperation.

Additionally, the consul-general announced the launch of the “Together Fight Against Hunger” charity project for 2025, aimed at supporting low-income groups in Nigeria, further contributing to poverty alleviation and hunger reduction efforts.