By Abba Hamisu Sani
Africa-Press – Nigeria. Nigeria remains China’s strategic business partner as the country took centre stage interns of Oil and Gas business being the largest oil producer in Africa.
China’s imports from Nigeria include ;Oil ,Gas,Crude petroleum,Niobium,Tantalum ,Vanadium and Zirconium Ore ,Zinc Ore and Raw Aluminium.
While China’s major exports to Nigeria include; Non,- Knit Women’s Suits ,Telephones and Rubber Footwear.
Nigeria’s Import and export to China
In September 2023, China exported 1.52 billion dollars worth of products to Nigeria ,while imported 258 Million dollars worth from Nigeria ,resulting in a positive trade balance of 1.26 billion dollars.Between September 2022 and September 2023 the exports of China have decreased by 378 Million dollars (19.9%) from 1.9 billion to 1.52 billion ,while imports increased by 161 million dollars (165%) from 97.1 million dollars to 258 million dollars
The trade Volume rises to $17.25 billion In the third Quarter of this year (2023)
Yan Yuging is the Consul-General, People’s Republic of China in Nigeria ,She has disclosed that China and Nigeria’s bilateral trade volume rose to $17.25 billion as both countries continue to advance cooperation and practical development.
Yan said this in Lagos at the China-Africa (Nigeria) production capacity cooperation symposium held in Lagos trade fair complex recently
Themed “Enhancing economic growth through sustainable partnership”, Yan noted that with unprecedented changes taking place in today’s world, both countries continued to advance relations by deepening cooperation in trade, investment and contracted projects.
“According to Chinese customs data, the bilateral trade volume between China and Nigeria reached $23.9 billion in 2022, with China’s exports to Nigeria amounting to $22.3 billion and imports from Nigeria totaling $1.6 billion.
In the first three quarters of 2023, bilateral trade stood at $17.25 billion, with exports to Nigeria being $15.67 billion and imports at $1.58 billion, making a 22.5% increase in imports from Nigeria compared to the same period last year.
Nigeria has become China’s second-largest trade partner in Africa, and China is Nigeria’s largest global source of imports,” she said.
China’s business relations with Africa countries remains a game changer
Mr Olusola Obadimu is the Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, He said China’s engagement with African countries had witnessed remarkable growth over the decades.
“This dynamic trade relationship has become a focal point in a global economy characterised by mutual benefits and extensive opportunities,” Obadimu said.
Olusola expressed the readiness of Nigerian chambers of commerce,Mines,Industries and Agriculture to continue its relationship with Chinese business Continuity in Nigeria and cooperate with China’s embassy at all times.
However there is a need for Nigerians particularly business operators to explore opportunities that will create more avenues for the exportation of Nigerian Agricultural goods to China.
Other natural resources that China needs from Nigeria also need to be exploited by indigenous business operators for exportation as China regards Nigeria as one of its sources of raw materials,such as hide and skins.
The Nigerian Institutions such Export promotion Council ,and the National Export Processing Zones need to create more enlightenment and collaborate with states chambers of Commerce ,mines,Industries and Agriculture to educate Small and Medium business owners on how to exploit the exportation opportunities to China .
Another thing is for the Nigerian research institute to conduct comprehensive research on the raw materials needed in China,so as to share the findings with Nigerian exporters.
These strategists mentioned will contribute in enhancing Nigeria”s export to not only China that contributes 1.6 billion dollars to the Nigerian economy but other countries like India that also import much to Nigeria especially pharmaceuticals .
Nigeria needs to strategize also in exporting other products and mineral resources beside oil ,as another source of Foreign earning in order to make the Country’s economy more vibrant.
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