Major Economic Shift: Nigeria-China Trade Hits $20 Billion in 2024

Updated Monday 27 January 2025 10:0

Nigeria-China trade volume hit $20 billion in 2024 – Chinese ambassador

Yu Dunhai, the Chinese ambassador to Nigeria, stated that the value of trade between China and Nigeria in 2024 was more than $20 billion.

Speaking at Saturday's Chinese Lunar New Year event in Abuja, Yu highlighted Nigeria's importance as a big African nation with worldwide clout and a crucial BRICS partner.

In order to benefit the people of both countries, he expressed hope for improving trade relations and putting agreements from the Forum on China-Africa Cooperation (FOCAC) into effect.

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Additionally, he emphasized Nigeria's position as Africa's second-biggest export market and China's largest recipient of engineering contracts.

China's GDP growth
In a similar vein, China's consul general in Lagos, Yan Yuqing, reported that China's GDP increased by 5.0% in 2024, promoting both reasonable quantitative growth and qualitative economic development.

She went on to say that this gave international development cooperation and the global economic recovery a lot of momentum.

Yan Yuqing also considered the successful collaboration between Nigeria and China in a number of areas, such as technology, trade, infrastructure, and investment.

Notable programs including the Belt and Road Initiative (BRI) and a number of Chinese trade shows have improved bilateral trade relations and aided in Nigeria's economic growth.

Things you should be aware of

More than 300 people were able to restore their vision in 2024 thanks to the consulate's "Renewed Hope, Rebirth from the Light" charity project, which was started in collaboration with the Chinese community in Nigeria, businesses, and intellectual circles.

The consul-general also declared the start of the 2025 "Together Fight Against Hunger" charity project, which would aid low-income communities in Nigeria and aid in the fight against hunger and poverty.

Three significant developments in China-Nigeria bilateral relations were noted by Chinese Foreign Minister Wang Yi during his recent visit to Nigeria: a new level of international cooperation, a new platform built through solidarity and cooperation, and a new leap in the posture of the relations.

Nigeria's vice president, Kashim Shettima, noted in November 2024 that the country's economic links with China had grown to $22.6 billion in 2023, ranking among Africa's largest trade relationships.

This indicates that, in comparison to 2024, the volume of trade between Nigeria and China decreased significantly by 11.5%.

China is one of Nigeria's biggest export destinations worldwide, and the two countries have a long history of trading. Nigeria's principal exports to China are its primary products, while China's manufactured goods dominate the trading relationship.

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