Home Finance & Economy Nigeria-China trade hit $8.6bn in H1 2019

Nigeria-China trade hit $8.6bn in H1 2019

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Oluwaseyi Al-hameen

Nigeria’s bilateral trade with China has hit $8.6 billion in the first half of 2019

This is according to Chinese Consul-General in Lagos, Chu Maoming, who said the ties between the two countries are waxing stronger daily.

Maoming, who spoke on the occasion of China Shandong Export Commodities Special Day at the just-ended 33rd Lagos International Trade Fair, said Chinese companies were willing to invest in Nigeria as part of the recent bilateral agreements between the two countries.

Shandong is one of 33 provinces in The people’s Republic of China.

The Consul- General said the Chinese private sector investors have concluded plans to increase the volume of trade with Lagos, adding that the investment would result in job creation and knowledge transfer among other things.He said with a contribution of 33 per cent to the world economy, China has become a strong actor in the global economy, adding that it was the outcome of the commitment of the people and the leadership of the People’s Republic of China.

Meanwhile, the president of Lagos Chamber of Commerce and Industry (LCCI), Babatunde Paul Ruwase, acknowledged the burgeoning relationship between Nigeria and China and said the ties were beginning to yield positive results as attested by the $3.9 billion contract the Federal Government signed in October 2019 with the China Railway Construction Corporation Limited for the construction of a new Abuja-Itakpe-Lokoja rail line.

Similar ongoing projects such as Mambilla Power Project, Lagos-Calabar coastal railway line and Zengeru Hydropower Plant are the ome of the growing bilateral corporation between Nigeria and the People’s Republic of China.

Ruwase also cited the recently signed $629 million facility by the Lagos State Government with China Development Bank(CDB) for the completion of Lekki Deep Seaport Project.

He said China has become a key player in the global economy, adding that her contributions should not be taken lightly.

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