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Nigeria's Trade Volume with China Hit $1.8b

Posted by By Emeka Ezekiel on 2004/11/26 | Views: 1606 |

Nigeria's Trade Volume with China Hit $1.8b


BILATERAL trade volume between Nigeria and the Peoples Republic of China last year stood at $1.8 billion (about N243 billion). This is against $1.4 billion and N1.7billion recorded in 2001 and 2002 respectively.

...As 38 Chinese Firms Storm Nigeria

BILATERAL trade volume between Nigeria and the Peoples Republic of China last year stood at $1.8 billion (about N243 billion). This is against $1.4 billion and N1.7billion recorded in 2001 and 2002 respectively.

These figures were released in Lagos on Wednesday by the Consular General of the Peoples Republic of China in Nigeria, Mr. Hu Yujie, during a press conference on China Trade Exhibition.

According to Mr. Hu, the growth of bilateral trade between China and Nigeria over the years is as a result of the cordial relationship which exist between the two countries. He stated that China would continue to strengthen and improve bilateral trade relations with Nigeria by increasing the volume of imports and exports between the two countries.

His words: "Over the years, the bilateral trade relationship between Nigeria and China has achieved great increase. Bilateral trade volume between China and Nigeria in 2001, 2002 and 2003 are $1.4 billion, $1.7 billion and $1.8 billion. We are making concerted efforts to further promote bilateral economic trade relationship between China and Nigeria.

We hope to make more progress and new breakthrough in the area of bilateral trade relationship. More and m ore Chinese firms are making efforts to come to Nigeria and do business. China is a big market for Nigeria products especially raw materials and petroleum products".

As part of efforts geared towards strengthening the already existing bilateral relations between the two countries, Mr. Hu disclosed that no fewer than thirty-eight companies from eleven Chinese municipalities would participate in the China Trade Exhibition slated for Eko Hotel Lagos between November 15 to 19 this year.

Also speaking during the press conference, the Director of China Trade Exhibition Delegation, Mr. Young Huazhong, said that the exhibition which is sponsored by China Council for the Promotion of International Trade (CCPT), in partnership with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), will feature the display of machinery, electrical and household appliances, motorcycles and spare parts, telecommunication products, hardwares and light industrial products.

"This exhibition is mainly for business people. Recent years have witnessed a steady and fast growth in the bilateral trade between China and Nigeria. But compared with the actual economic aggregate of our two countries, there are still large perspective and great potential for us to co-operate with each other. Chinese entrepreneurs are willing to cooperate in various form with their Nigerian counterparts in the economy, trade as well as in many other fields.

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