BusinessNewsNigeriaChina Imports From Nigeria Reaches $2.386 Billion – Minister Counselor Yingqi

The Minister Counselor Wang Yingqi of the Chinese Embassy in Nigeria says China imports from Nigeria reached $2.386 billion in 2023, an increase of 49.3% compared to that of the year 2022.

Yingqi disclosed this during the China Media Group (CMG) and the University of Abuja seminar in Abuja as part of CMG’s “Global Media Dialogue” event with the theme: Enhancing China-Africa cooperation in new quality productive forces to realize high-quality growth, said the trade volume between Nigeria and China reached $22.56 billion in 2023.

“Nigeria is in the leading position of economic, investment, and trade cooperation with China among African countries.

“Last year, bilateral trade reached $22.56 billion. China imports from Nigeria reached $2.386 billion, an increase of 49.3% compared to that of the year 2022.

“Investment from China reached $363 million. Three major investment projects are the Free Trade Zone and Industrial Parks in Lekki, Ogun, and Shagamu,” he said.

Yingqi also disclosed that Chinese companies are working with partners from other countries to promote international cooperation.

“Lekki Deep Sea Port, which is the only deep sea port in West Africa, is a Nigeria. In Abuja, experts from Nigeria, Germany, and China will work together in the Agriculture Model Center to improve rice farming.

“Our cooperation made a significant contribution not only to Nigeria’s social and economic development but also to the sound development of economic globalization.”

He said China was ready to share with Nigeria its strategy of 5I which means Infrastructure, ICT, Industry, Investment, and Import and Export.

“5I will be the pioneer area in the development of New Quality Productive Forces. We will continue to work together to develop the New Quality Productive Forces and develop a new development pattern, keep moving forward, and integrate the Chinese Dream with Nigerian dreams,” Yingqi said.

On his part, Professor Abdul-Rasheed Na’Allah, Vice Chancellor of the University of Abuja Na’Allah said the University was ready to key into the vision, saying it was the only university with the capacity to mobilize resources to actualize the new idea.

He said the university was working with the chambers of commerce to declare its campus a free trade zone, saying the university was getting ready to lead the nation.

He stressed that China was about to adopt new strategies of quality production forces and high-quality growth which Nigeria should key into because it was now the second biggest economy in the world.

“The best way we can benefit from this is for us to begin to change our minds and focus on these two major strategies,” noting that gone were the days when China was synonymous with substandard products.

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