China’s Imports from Nigeria Surge to $2.386 Billion in 2023, Says Envoy

• Minister Counselor Wang Yingqi reveals China’s imports from Nigeria surged to $2.386 billion in 2023, a 49.3% increase
• Total trade volume between Nigeria and China reached $22.56 billion in 2023, emphasizing Nigeria’s crucial role in economic cooperation

Minister Counselor Wang Yingqi of the Chinese Embassy in Nigeria revealed that China’s imports from Nigeria soared to $2.386 billion in 2023, marking a significant increase of 49.3% compared to the previous year. Yingqi disclosed this information during a seminar organized by the China Media Group (CMG) and the University of Abuja, as part of CMG’s “Global Media Dialogue” event.

Yingqi further stated that the total trade volume between Nigeria and China reached $22.56 billion in 2023. He emphasized Nigeria’s pivotal role in economic, investment, and trade cooperation with China among African countries.

Highlighting key investment projects, Yingqi mentioned that Chinese investment in Nigeria amounted to $363 million, with major projects including Free Trade Zones and Industrial Parks in Lekki, Ogun, and Shagamu.

Furthermore, Yingqi highlighted collaborative efforts between Chinese companies and partners from other countries, such as the development of the Lekki Deepsea Port in Nigeria and joint agricultural initiatives in Abuja to improve rice farming.

Yingqi expressed China’s commitment to sharing its “5I” strategy with Nigeria, focusing on infrastructure, ICT, industry, investment, and import and export. He emphasized the importance of developing New Quality Productive Forces and integrating the Chinese Dream with Nigerian aspirations.

In response, Professor Abdul-Rasheed Na’Allah, Vice Chancellor of the University of Abuja, underscored the significance of China’s emergence as the world’s second-largest economy. He urged Nigeria to align with China’s strategies for new quality production forces and high-quality growth.

Na’Allah emphasized the University of Abuja’s readiness to support these initiatives, including the declaration of its campus as a free trade zone. He asserted the university’s commitment to leading Nigeria’s efforts in embracing new economic paradigms.