Nigeria and China’s trade volume in 2024 surpassed $20 billion. While the figure signifies the strong trade relations between both countries, it marked a significant 11.5% decline from 2023. Speaking at a Lunar New Year event in Abuja, Chinese Ambassador Yu Dunhai expressed China’s wish for stronger trade relations and Beijing’s commitment to implementing the Forum on China-Africa Cooperation (FOCAC) agreements. He also emphasized Nigeria’s importance in BRICS and its role as China’s largest engineering contract recipient in Africa. Meanwhile, China’s Consul-General in Lagos, Yan Yuqing, highlighted China’s 5% GDP growth, which fueled global recovery and bilateral initiatives like the Belt and Road Initiative (BRI). Despite the trade drop, bilateral cooperation between Beijing and Abuja continues to thrive across infrastructure, technology, and trade, underscoring the enduring partnership between the two nations.
Source: Nairametrics