Nigeria, China Trade Volume Increase By 1,900 Times - Envoy

Nigeria and China
8 February 2021

The Deputy Ambassador of China to Nigeria, Zhao Yong, said the trade volume between Nigeria and China has increased by 1,900 times, within 50 years of diplomatic relations.

Zhao, disclosed this on Monday while briefing newsmen on the 50th Anniversary of the diplomatic relations between the two countries.

Zhao said, over the years, Nigeria -china economic and trade relations had enjoyed a robust development.

He said, in 2019, the trade volume between both countries had reached 19.27 billion US dollars, which was "1,900 times" that of 1971 when the diplomatic relation was established.

Zhao noted that the bilateral trade growth rate was ranked first among the 40 trading partners of China across the world.

He explained that, despite the adverse effects of the COVID-19, the bilateral trade volume between both countries from January to October, 2020 had increased by 0.7% year on year, which was 14 percent higher than the trade growth rate between China and Africa as a whole.

"Nigeria surpasses Angola and South Africa to respectively to become China's second-largest trade partner and largest export market in Africa.

"At the same time, Nigeria is the China's major investment destination in Africa, the Ogun-Guangdong and Lekki Free Trade Zones have attracted a large number of Chinese companies to invest and operate their businesses, such as roads, ports and airport terminals. can be seen everywhere in Nigeria," he said.

While appreciating the dynamic exchange of culture, health, and security between both countries, Yong said, " In 2019, the number of Nigerian students studying in China rose to 6,800, which stands first in all African countries."

On the COVID-19 pandemic, he said, China provided timely medical aid to Nigeria in three batches and shared its experiences on epidemic prevention and control with the Nigerian government.

He expressed the readiness of China to make joint efforts with Nigeria to further strengthen the anti-pandemic cooperation to completely defeat the COVID-19.

Zhao, however, said this year would be vital for China-Nigeria relations following the recent visit of the Chinese Foreign Minister, Wang Yi in January to Nigeria.

He said, during the visit, both countries jointly formulated a blueprint to boost bilateral cooperation for the next 50 years.

He added that China was committed to support Nigeria's development, security and safeguard its national sovereignty.

"China is ready to deepen the Belt and Road Cooperation; speed up the construction of key projects so as to help Nigeria accelerate the process of industrialisation.

"Explore the cooperation in the areas of digital economy and green economy; expand military and security cooperation with a view to enhancing Nigeria's capacity of safeguarding national security.

"And closely coordinate with each other on regional and international affairs to safeguard the common interests of developing countries," he added.

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