Nigeria, China trade volume hits N1.7trn in 7mnths

Following the increased importation of made-in-China goods into the country, the trade volume between Nigeria and China in the last seven months has hit a record N1.7 trillion ($10.3 billion), said Liu Kan, consul-general of the People’s Republic of China.

According to him, Nigeria is currently China’s third-largest trading partner in Africa, making China the largest source of imports into Nigeria.

“The momentum and zest for trading between China and Nigeria is unstoppable, and is waxing stronger by the day,” he said.

The statistics released by Chinese Customs for the first seven months of this year revealed that the trade volume between both countries rose by 42.8 percent to $10.3 billion, which represents the highest in the history. The value of exports from Nigeria to China also witnessed a sharp increase of 147.5 percent to $1.9 billion.

The envoy said there was currently a growing rate of economic cooperation and development between Nigeria and China. He expressed optimism that both countries were bound to record “bumper harvests” in their growing economic cooperation, further assuring of his government’s commitment to promoting bilateral relations with Nigeria.

“In order to further promote the bilateral trade, my office will continue to create more trade facilitation with Nigeria. This is why we now issue more business visas to Nigerians so that more Nigerian businessmen will have the opportunity to visit China to do business,” he said.