Nigeria-China Trade Hits $22.6bn in 2023 - Shettima

Nigeria-China Partnership Enters New Era of Cooperation

“Mind you, the Nigerian economy is picking up but that did not stop our business relationship with China...”

Vice President Kashim Shettima and Chinese Vice Chairman Zhang Qingwei have reaffirmed their commitment to strengthening Nigeria-China relations, with a focus on increasing trade and cooperation.

Vice President Kashim Shettima has expressed his satisfaction with the growing trade relations between Nigeria and China. According to Shettima, the trade volume between the two countries reached an impressive $22.6 billion in 2023.

Shettima made these remarks while receiving a Chinese delegation led by Mr. Zhang Qingwei, Vice Chairman of the Standing Committee of the National People's Congress, at the Presidential Villa in Abuja. The Vice President highlighted the significance of the trade partnership between Nigeria and China, noting that it ranks among the highest on the African continent.

This development is a testament to the strengthening economic ties between Nigeria and China. In 2022, China exported $21.4 billion worth of goods to Nigeria, with main products including non-knit women's suits, rubber footwear, and broadcasting equipment. Nigeria, on the other hand, exported $1.52 billion worth of goods to China, with main products including petroleum gas, crude petroleum, and lead ore.

“In 2023, our trade relations with China got to 22.6 billion dollars, one of the highest in Africa, if not the highest, and that trade relationship is growing by 33 percent every year.

“Mind you, the Nigerian economy is picking up but that did not stop our business relationship with China.

“I want to reassure you that we will support you in whatever way we can. We believe in you, we respect you and we cherish our relationship,” the VP stated.

Vice President Kashim Shettima has underscored the significance of strengthening Nigeria's long-standing relationship with China, a partnership that has yielded mutual benefits for over five decades. Established in 1971, the bilateral ties between the two nations have grown remarkably stronger over the past 53 years.

The enduring friendship between Nigeria and China has been exemplified through numerous high-level engagements. A notable example is President Bola Tinubu's recent visit to China in September 2024. Such visits have played a crucial role in enhancing cooperation and reinforcing the partnership between the two countries. Vice President Shettima emphasized the importance of these diplomatic efforts in deepening the Nigeria-China relationship.

Vice President Kashim Shettima has expressed his admiration for China's rich cultural heritage and traditions, acknowledging the nation's growing influence on the global stage. He emphasized the need for greater collaboration and interactions between Nigeria and China to further strengthen their bond and achieve shared goals.

Shettima stressed that “This is the time when there should be greater South-South cooperation. There should be greater engagement between China and Nigeria. For us, it is also time to strengthen ties.” He also reassured the Chinese delegation of Nigeria's commitment to the One China policy, expressing confidence that Nigeria would overcome its security challenges with China's support.

The Vice President's statement highlights the importance of strengthening Nigeria-China relations, which have been growing steadily over the years. In 2022, China exported $21.4 billion worth of goods to Nigeria, while Nigeria exported $1.52 billion worth of goods to China.

“You have mentioned security; there can never be peace without development and there can never be development without peace.

“We really want to reposition the security architecture of our country. We are investing in technology and we need your support, we need your cooperation and your partnership,” he said.

Zhang emphasized the significance of the strategic partnership between Nigeria and China, noting that it marks the beginning of a new era of cooperation between the two nations. He expressed China's eagerness to take the relationship to new heights, fostering even greater collaboration and mutual benefit.

This sentiment is echoed in the growing trade volume between Nigeria and China, which reached $22.6 billion in 2023. The bilateral trade has been increasing steadily, with China exporting $21.4 billion worth of goods to Nigeria in 2022, and Nigeria exporting $1.52 billion worth of goods to China during the same period.

“In September this year, President Tinubu attended the Forum on China- Africa Cooperation (FOCAC) and also had a State visit.

“President Tinubu and Xi Jinping jointly announced to elevate Nigeria-China relations to a comprehensive strategic partnership, opening a new chapter of relations.

“China stands ready to work with Nigeria to implement the important consensus between our leaders on the outcome of the summit and elevate Nigeria- China relations to a new height,” he said.

Zhang highlighted the significance of mutual political support between Nigeria and China, stressing that this cooperation is crucial for the growth and development of both nations. He commended President Tinubu's commitment to economic diversification, a move that aligns with China's goals of supporting Nigeria's developmental journey.

China has been actively engaged in supporting Nigeria's economic growth through various initiatives, including investments in infrastructure, trade, and cultural exchanges. The two countries have enjoyed a strong diplomatic relationship since 1971, with China becoming one of Nigeria's largest trading partners.

The mutual support and cooperation between Nigeria and China are expected to continue growing, with China expressing its commitment to assisting Nigeria in achieving its developmental goals. This partnership is a testament to the strengthening ties between the two nations, with a focus on promoting economic growth, cultural exchange, and mutual understanding.