An upcoming China-Nigeria Expo aims to enhance trade relations between the two countries, as highlighted by the organizers.
Scheduled for November 5-8 in Lagos, the expo is anticipated to be the largest gathering of Chinese manufacturers in Nigeria and the West Africa region.
According to the organizers, Nigeria ranks as China’s second-largest trading partner in Africa, with China serving as Nigeria’s largest source of imports.
Data from Chinese customs indicates that the bilateral trade volume between China and Nigeria reached $23.9 billion in 2022. China’s exports to Nigeria accounted for $22.3 billion, while imports from Nigeria totaled $1.6 billion.
During the first three quarters of 2023, bilateral trade amounted to $17.25 billion, with exports to Nigeria totaling $15.67 billion and imports from Nigeria at $1.58 billion. There was a 22.5% increase in imports from Nigeria compared to the same period the previous year. Notably, Chinese investors have committed over $1.5 billion and created more than seven thousand jobs at the Lekki Free Trade Zone and Ogun-Guangdong Free Trade Zone,” the statement explains.
China’s contributions to Nigeria’s infrastructure development include projects like the Lekki Free Trade Zone, Lekki Deep Sea Port, Lagos Blue Line Rail, and rail connections to neighboring countries, all aimed at facilitating business operations and demonstrating the benefits of the Belt and Road Initiative.
Mr. Muheez Ojulari, the Chief Representative Officer of Brightway International Exhibition, emphasized, “To further enhance the trade relationship between Nigeria and China, our organization will continue to support the government’s initiatives to attract investments into Nigeria. This includes creating job opportunities, eradicating poverty through employment, fostering economic growth, and encouraging venture capitalists to support innovative business ideas from young entrepreneurs.”
The 2023 China Commodities Expo held in Lagos hosted over 200 prominent Chinese manufacturers across various sectors, aiming to promote international trade collaborations between the two nations.
Mr. Ojulari underlined the Expo’s significance in boosting trade cooperation between China and Africa, thereby enhancing bilateral trade relations and creating business opportunities for both parties.
The event offers a platform for business expansion, networking, connecting with Chinese manufacturers, identifying new suppliers, and exploring venture capital opportunities to support innovative business solutions.
It serves as an avenue for diversifying businesses, attracting foreign direct investments, raising living standards, reducing poverty, and promoting economic growth and development for both nations.
By facilitating the assessment of investment potentials, the Expo contributes to strengthening the mutually beneficial relationship between China and Nigeria, transcending mere economic cooperation and delving into technology transfer, poverty reduction, and improved living standards for individuals in both countries,” Ojulari affirmed.