China-Nigeria trade volume hits $11.2b

China-Nigeria trade volume hits $11.2b

The trade volume between China and Nigeria reached $11.2 billion in the first half of this year, the Chinese Ambassador to Nigeria, Mr. Cui Jianchun, has said.

The envoy also said there are 6,800 Nigerian students  are studying in various tertiary institutions in China.

Jianchun made this known this at the awards of the China-Nigeria cultural week as part of the one week programme lined up to mark China’s National Day and also Nigeria’s Independence Day tomorrow.

He said: “In the first half of this year, the trade volume between China and Nigeria reached $11.2 billion, with a year-on-year growth rate of 44.5 per cent.

“Among it, the export from Nigeria to China reached $1.23 billion, with a growth of 23.6 per cent.

“At the same time, Nigeria is China’s major investment destination in Africa.”

He further added that the “The Ogun-Guangdong Free Trade Zone and Lekki Free Trade Zone have attracted a large number of Chinese companies to invest and operate their business.”

He said Nigeria is among the 140 beneficiaries of the new Belt and Road Initiative (BRI) of the Chinese government.

The envoy noted that trade between China and the BRI partners have exceeded $9.2 trillion, while direct investment by Chinese companies in countries along the BRI has surpassed $130 billion.

When fully implemented, the BRI could increase global trade by 6.2 per cent and global real income by 2.9 per cent, according to a World Bank report.

On education, he said personal interaction between people to people among the two countries have been on the increase.

“At the same time, people’s communications between Nigeria and China have also flourished. The number of Nigerian students studying in China has reached 6,800, which stands first in all African countries,” he said.

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