Expo to deepen China-Nigeria trade ties

The organisers of the China-Nigeria Expo have said it will strengthen trade ties between China and Nigeria.

The expo, which is scheduled for November 5-8 in Lagos, is said to be the largest gathering of Chinese manufacturers in Nigeria and West Africa region.

According to a statement from the organisers, Nigeria is China’s second-largest trading partner in Africa and China is the country’s largest source of imports.

Chinese customs data showed that the bilateral trade volume between China and Nigeria reached $23.9bn in 2022, with China’s exports to Nigeria amounting to $22.3bn and imports from Nigeria totalling $1.6bn.

“In the first three quarters of 2023, bilateral trade stood at $17.25bn with exports to Nigeria being $15.67bn and imports from Nigeria at $1.58bn, marking a 22.5 per cent increase in imports from Nigeria compared to the same period last year. At the Lekki Free Trade Zone and Ogun-Guangdong Free Trade Zone alone, more than $1.5bn has been committed by Chinese investors and over seven thousand jobs have been created,” the statement said.

It mentioned that China’s contributions to Nigeria’s infrastructure included the Lekki Free Trade Zone, Lekki Deep Sea Port, Lagos Blue Line Rail, and rail connections to neighbouring countries to Nigeria for ease of doing business, showcasing the benefits of the Belt and Road Initiative.

The Chief Representative Officer of Brightway International Exhibition, Mr Muheez Ojulari, stated, “In a move to further improve the trade relationship between Nigeria and China, Brightway International Exhibition, the organiser of the annual China Commodities Expo- Nigeria will continue on its part to support the present administration’s laudable initiative as proposed in the eight-point agenda to attract the right investment into Nigeria.

“Thereby, creating job opportunities, eradicating poverty through job creation and employment opportunities, bringing meaningful growth to the economy, attract venture capitalist to support laudable business ideas of our teaming youth.”

According to Ojulari, the 2023 edition of the China Commodities Expo held in Lagos featured over 200 best Chinese manufacturers from different sectors to foster international trade collaboration between both great countries.

He explained that the significance of the China Commodities Expo Nigeria, for China-Africa economic and trade cooperation, was multifaceted, and it would help to boost trade between both countries.

He added that it would further strengthen the bilateral trade relationship between China and Africa at large.

He noted that the event provided numerous opportunities for business growth and networking, enabling participants to expand their business networks, forge connections with leading Chinese manufacturers, find new suppliers, and explore venture capitalist support for business ideas and solutions.

He commented that it was an opportunity to diversify businesses, increase foreign direct investment, and improve individual standards of living, thus reducing poverty and promoting economic growth and development for both nations.

“By providing a platform to assess investment and developmental potentials, it contributes to building and strengthening the existing mutually beneficial bilateral relationship between China and Nigeria.

“The exhibition’s impact extends beyond trade and economic cooperation, as it fosters technology transfer, reduces poverty, and improves the standards of living for individuals in both nations,” Ojulari added.