Nigeria-China Trade Volume Exceeds $20 Billion in 2024
In 2024, the trade volume between Nigeria and China reached over $20 billion, showcasing the robust trade relations between the two nations. However, this figure marked an 11.5% decline from the previous year. Chinese Ambassador Yu Dunhai, speaking at a Lunar New Year event in Abuja, reiterated China’s commitment to strengthening trade relations with Nigeria and implementing the agreements made under the Forum on China-Africa Cooperation (FOCAC).
Ambassador Yu Dunhai also highlighted Nigeria’s significance in the BRICS group and its role as the largest recipient of engineering contracts from China in Africa. On the other hand, China’s Consul-General in Lagos, Yan Yuqing, emphasized China’s 5% GDP growth, which has not only contributed to global economic recovery but also supported bilateral initiatives such as the Belt and Road Initiative (BRI).
Despite the slight drop in trade volume, the collaboration between Beijing and Abuja continues to flourish in various sectors including infrastructure, technology, and trade. This ongoing partnership underscores the enduring bond between China and Nigeria.
Source: Nairametrics
