China’s imports from Nigeria soar to $15.1bln, 36.1% increase

China’s imports from Nigeria have reached an all-time high of $15.1 billion (approximately N25.7 trillion) between January and September 2024, representing a 36.1 percent year-on-year increase.

Mr. Jin Mingyu, Acting Consul General of the Consulate-General of China, announced this significant growth during a civic reception welcoming the arrival of the first vessel on COSCO’s new route to Lekki Port.

The remarkable cargo throughput at Lekki Port exceeded 160,000 twenty-foot equivalent units (TEUs) as of September, showcasing the port’s potential.

The Chinese government is eager to see more merchant ships transporting unique Nigerian products to China, further solidifying the countries’ trade relationship.

Jin emphasized that both countries can seize the opportunities presented by globalization, expanding the boundaries of cooperation in various sectors.

The arrival of EA CENTAURUS marks a new breakthrough for Lekki Port in international shipping and will inject fresh momentum into Nigeria’s economic development.

The COSCO-Lekki Port partnership symbolizes further breakthroughs in China-Nigeria collaboration in port construction and operation.

This landmark project demonstrates the success of multinational cooperation for shared success in Nigeria.

In 2023, bilateral trade between China and Nigeria reached $22.56 billion, with Nigeria ranking as China’s third-largest trading partner in Africa.

Du Ruagang, the Managing Director of Lekki Port, highlighted the company’s dedication to positioning Lekki Port as a transformative force in the Nigerian maritime industry.

Emmanuel Anda, Port Manager of Lekki Port, described the arrival of EA Centaurus as a new dawn for the port.

Anda, representing the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, noted that Lekki Port’s giant stride establishes it as a trade hub in the subregion.

The increasing trade between China and Nigeria is a testament to the strength of their economic relationship.

As the countries continue to collaborate, we can expect even more significant growth and development in the region.

China’s economic complexity and Nigeria’s rich natural resources create a mutually beneficial trade partnership.

With China ranking 22nd and Nigeria ranking 127th in economic complexity, their collaboration has the potential to drive growth and prosperity in both nations.