Yan Yuging, the Consul-General of the People’s Republic of China in Nigeria, expressed that the relationship between China and Nigeria is steadily progressing in terms of mutual development and practical cooperation. She made these remarks during the China-Africa (Nigeria) production capacity cooperation symposium held at the Lagos International Trade Fair (LITF) complex with the theme “Enhancing economic growth through sustainable partnership.”
Yan highlighted that amidst the significant global changes occurring today, both countries are continuously enhancing their ties by deepening their cooperation in trade, investment, and contracted projects. She emphasized China’s significance as a trade partner for Nigeria, citing Chinese customs data indicating that the bilateral trade volume between China and Nigeria reached $23.9 billion in 2022. China’s exports to Nigeria accounted for $22.3 billion, while imports from Nigeria amounted to $1.6 billion. Nigeria has thus become China’s second-largest trade partner in Africa, and China stands as Nigeria’s largest source of imports on a global scale.
Yan emphasized the strong foundation of cooperation in various fields between China and Nigeria and anticipated broader and deeper prospects for future cooperation as the political, economic, and cultural ties between the two countries continue to grow.
She also mentioned China’s “Initiative on supporting Africa’s industrialization,” which focuses on key areas for the modernization of the African continent, highlighting numerous infrastructure and people-centric projects planned for implementation.
JUST SO YOU KNOW
The China-Nigeria cooperation discussed in Lagos can potentially benefit businesses in Lekki through increased trade opportunities, investment, capacity building, economic growth, and infrastructure development. The actual impact will depend on industry-specific factors and local policies. Businesses in Lekki should monitor developments and explore potential opportunities.
Adenike Akande, Nigeria’s former Minister of Trade and Industry, acknowledged the disparity between Nigeria and China in terms of industrialization and industrial capacity. She emphasized that Nigeria could learn valuable lessons from China’s journey toward industrialization and encouraged China to support Nigeria’s industrialization efforts by implementing measures to enhance the country’s production capacity.
Olusola Obadimu, Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, emphasized the importance of collaboration and partnership in an interconnected world. He stressed that partnerships are essential drivers of economic growth, offering a visionary approach to addressing the intertwined challenges of economic development. Sustainable partnerships, involving government, the private sector, and international organizations, can contribute to economic growth by developing critical sectors of the economy.
Obadimu highlighted the remarkable growth of China’s engagement with African countries and emphasized that the China-Africa trade relationship is not solely about commerce; it presents opportunities for mutually beneficial partnerships that contribute to sustainable economic growth and development. He stressed that sustainable partnerships hold the key to a prosperous and equitable future while further strengthening the China-Africa trade relationship.
Credit NAN: Texts excluding Headlines
