The Consul General of the Chinese Consulate General in Lagos, Ms. Yan Yuging, has called for more and greater economic cooperation between Nigeria and China.
This was revealed in her opening speeches during two separate events of the China-Nigeria Investment/Expo/Exhibition that opened today at Landmark Event Center and Tafawa Balewa Banquet Hall in Lagos.
During her address, the Consul General said, “It gives me great pleasure to attend the China Commodities Expo-Nigeria 2023. On behalf of the Chinese Consulate General in Lagos, I would like to extend our warm welcome to the Trade Development Bureau of the Ministry of Commerce, Brightway International Exhibition Co., Ltd., as well as the Chinese enterprises coming to participate in the exhibition, and express our heartfelt thanks to Nigerian friends attending the exhibition!
“In today’s world, unprecedented changes are taking place. Faced with a complex and ever-changing international landscape, China and Nigeria stand together, seeking mutual development, and continuously writing new chapters of practical cooperation. In August, the 15th BRICS Summit was held in South Africa. China has launched the “Initiative on Supporting Africa’s Industrialization” “Plan for China Supporting Africa’s Agricultural Modernization” and “Plan for China-Africa Cooperation on Talent Development“, focusing on areas urgently needed for African modernisation.
“In October, the third Belt and Road Forum for International Cooperation was held in Beijing. China signed a series of cooperation documents with more than 150 countries and over 30 international organizations. A large number of infrastructure projects and projects benefiting the people will be implemented gradually. Due to the principles guiding China’s African policy, including sincerity, real results, amity, and good faith, and the high-quality Belt and Road Initiative, China-Nigeria relations are steadily advancing, with deepening cooperation in trade, investment, and contracted projects.
“China is a significant trade partner for Nigeria. According to Chinese customs data, the bilateral trade volume between China and Nigeria reached $23.9 billion in 2022, with China’s exports to Nigeria amounting to $22.3 billion and imports from Nigeria totalling $1.6 billion. In the first three quarters of 2023, bilateral trade stood at $17.25 billion, with exports to Nigeria being $15.67 billion and imports from Nigeria at $1.58 billion, marking a 22.5% increase in imports from Nigeria compared to the same period last year. Nigeria has become China’s second-largest trade partner in Africa, and China is Nigeria’s largest global source of imports.The 134th Canton Fair was successfully held, with nearly 200,000 overseas buyers from 229 countries and regions participating, an increase of 53.4% over the previous session.
“The 6th China International Import Expo is currently being held in Shanghai. China is actively working to transform its vast domestic market into a market that the world can share, providing new opportunities for the world through China’s new development initiatives. Nigeria is a pilot country for China and Africa to build the Belt and Road Initiative jointly. We welcome more Nigerian businessmen to buy goods in China and encourage more Chinese companies to hold exhibitions and invest in Nigeria to bring products and technologies for green and high-quality development to Nigeria.
“Nigeria is also China’s biggest contractor market and a major investment destination in Africa. China’s investments in Nigeria are primarily concentrated in the manufacturing sector, with a focus on steel, automobiles, machinery, electronics, and daily necessities. Investments in the Lekki Free Trade Zone and the Ogun-Guangdong Free Trade Zone have exceeded $1 billion.
“Chinese companies have a large number of contracted engineering projects in our territory, such as the Lekki Deep Sea Port, the Dangote Refinery, the Lagos Blue Line Light Rail, the Lagos International Airport, and the Lagos-Ibadan Railway, significantly promoting local economic and social development. These investments and projects have promoted local economic and social development, making a significant contribution to deepening bilateral economic and trade cooperation.
“As long as we know each other, even if separated by thousands of miles, we can cooperate like neighbours. China and Nigeria enjoy a solid foundation of cooperation in many fields, and with the growing political, economic, and cultural ties between the two countries, the prospects for future cooperation will be even broader and deeper. Today’s exhibition is an important platform for Nigeria to form a deeper understanding of Chinese products, Chinese technologies, Chinese brands, Chinese quality, Chinese service, and Chinese image. I also hope the Chinese business community at present will, with your sincerity and enthusiasm, make more friends in Nigeria and help bring Chinese products to millions of Nigerian households”.
She concluded by wishing the China Commodities Expo-Nigeria 2023, a complete success.