Bilateral trade between Nigeria and China has surged to $15.1 billion from January to September 2024, marking a significant economic milestone for both nations. This growth was revealed by Mr. Jin Mingyu, the Acting Consul-General of China in Nigeria, during a civic reception in Lagos held to celebrate the arrival of the first vessel on a new shipping route by China Ocean Shipping Company (COSCO) at the Lekki Port.
Mingyu highlighted that China’s imports from Nigeria rose by 36.1% during this period, showcasing the increasing demand for Nigerian goods in China. “In 2023, trade between our countries totaled $22.56 billion, making Nigeria China’s third-largest trading partner in Africa. This year, from January to September alone, trade has reached $15.1 billion, reflecting a substantial increase in China’s imports from Nigeria,” Mingyu said.
The event underscored the strengthening economic ties between Nigeria and China, driven by collaborative projects such as the Lekki Port, which has handled over 160,000 twenty-foot equivalent units (TEUs) in cargo throughput this year. The Chinese government anticipates further growth in trade, particularly with more Nigerian goods making their way to the Chinese market via expanded maritime routes.
Mingyu emphasized the importance of collaboration between Chinese and Nigerian enterprises, especially in the areas of port development and logistics. “The Chinese government is keen to see multinational companies cooperating to build a modern port and logistics network in Nigeria, enhancing access to the Chinese market and unlocking development opportunities for both countries,” he stated.
The arrival of the EA CENTAURUS, the first vessel to dock on COSCO’s new route at Lekki Port, is being hailed as a transformative milestone in Nigeria’s shipping and logistics sector. This development not only strengthens China-Nigeria relations but also boosts Nigeria’s economic landscape by establishing Lekki Port as a key international shipping hub.
The Managing Director of Lekki Port, Du Ruagang, noted that the port’s new bi-weekly service by COSCO, along with ZIM and ONE shipping lines, is a testament to Lekki Port’s commitment to modernizing Nigeria’s maritime industry. “The arrival of EA Centaurus symbolizes our dedication to establishing Lekki Port as a leading force in the Nigerian maritime sector, paving the way for increased global trade,” Ruagang said.
This partnership between Nigeria and China represents a significant step forward in bilateral trade, promising expanded economic cooperation and growth opportunities for both nations in the years to come.
