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Nigeria’s export to China rises by 117.9%

By on September 27, 2014

The Consul General of the Peoples Republic of China, Mr. Liu Kan, yesterday placed the trade volume between Nigeria and China in the first six months of 2014 at $11.76 billion.
Kan who spoke in Lagos at the 65th anniversary of the founding of his country, also noted that Nigeria’s export to China during the period rose by a significant 117.9 per cent, higher than all the export from Nigeria to China in the whole of the previous year, 2013.

“In the first half of the year, the trade volume between China and Nigeria reached $11.76 billion, among which the import from Nigeria to China increased by 117.9 per cent, which surpassed the total for last year,” Kan stated.
Noting that Nigeria now is the biggest export market for China, and the third largest partner in Africa, the envoy said, the advantages of the Nigeria economy attract more Chinese enterprises to invest and develop in the giant West African nation.
According to him, by the end of 2013, non-financial direct investment from China to Nigeria amounted to $1.79 billion, with hundreds of Chinese enterprises in Nigeria not only working hard to develop themselves, but also voluntarily embarking on Corporate Social Responsibility (CSR) efforts, creating significant number of jobs and transferring urgently needed skills to Nigerians.

“They have made a special contribution to promote the friendship of the peoples and bilateral relations of the two countries. For example, Huawei has already trained more than 5,000 local engineers and launched 1,000 girls Information and Communications Technology (ICT) programme in partnership with the Federal Ministry of Communication Technology. Lots of Chinese enterprises donate to schools, revamp roads for local communities, donate medical equipment to local hospitals, contribute money and schools supplies to handicapped children schools, especially during the Ebola Virus Disease pandemic, they donated a large number of protection kits to local communities,” he added.

Stressing the world’s most populated country’s efforts at implementing far reaching reforms, Kan said the year, “2014 is the first year of the all round deepening reform of China. The Chinese government continues to firmly adjust, transform and upgrade the economic structure.

“Though facing some difficulties and challenges, the Chinese economy still maintains a sound momentum of development, with the growth rate of the first half of the year amounting to 7.4 per cent.”

Kan however boasted over the assertion that in recent years, China has become the main driver of the world’s economic growth, with the Chinese economy contributing nearly 30 per cent of world growth.

“In the next five years, China is expected to import commodities worth more than $10 trillion and invest directly the sum of about $500 billion abroad with the development of the Chinese economy not only having a great impact on the world economy, but also offering great opportunities to other countries, including Nigeria,” he added.

 

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