Nigeria-China Trade Value Hits $8.6 Billion

Trade between Nigeria and China reached $8.6 billion in the first half of 2019, according to Chinese Consul-General in Lagos, Chu Maoming.

He also said the ties between the two countries was 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 to the tune of billions of dollars, 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 commitment of the people and leadership of the People’s Republic of China.

President of Lagos Chamber of Commerce and Industry (LCCI), Babatunde Paul Ruwase , who acknowledged the burgeoning relationship between Nigeria and China said the ties was beginning to yield positive results as has been 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.