NEWS DETAIL
China-Nigeria trade at $13.66 billion in 2020, largest in Africa
 Posted Date : 2020-12-02

The Chinese Embassy in Nigeria has said China-Nigeria trade relation remained the largest in Africa, with current volume at $13.66 billion for 2020, an increase of 0.7% over the previous year.

The Chargé d’affaires of the Embassy of China in Abuja disclosed this. He said, “The bilateral trade volume between China and Nigeria was $13.66 billion in 2020, an increase of 0.7%. Among them, China’s exports to Nigeria were $11.58 billion, decreased by 2.4%, imports from Nigeria were $2.09 billion, a year-on-year increase of 22.7%.

“To China, Nigeria has remained the biggest importer and second largest trading partner in Africa.  Our bilateral trade volume is more than tenth of China’s trade with the whole continent”.

China said that in 2019, the bilateral trade volume between China and Nigeria reached $19.27 billion, an increase of 26.3% over the previous year, ranking first among China’s top 40 trading partners in terms of growth rate, among which Nigeria’s exports to China increased by 43.1%.

“The trade volume between China and the 15 countries of the ECOWASwas $34.55 billion, year-on-year decrease of 0.3%. China’s exports to ECOWAS were $27.61% billion, an increase of 1.2%, imports from ECOWASwere 6.94 billion U.S. dollars, at a decrease of 5.8%,” the Embassy said.

According to the statistics of customs, the trade volume between China and Africa was $133.62 billion from January to September, a year-on-year decrease of 13.3%.

China’s exports to Africa were $79.70 billion, down 2.9% year-on-year, and imports from Africa were $53.91 billion down 25.3% year-0n-year.

Zhao Yong had earlier said that China has built more than 6,000 kilometers of railways and roads, developed 20 ports and more than 80 large power facilities in Africa in efforts to deepen China-Africa trade relations.

He also said: “The past twenty years have been a journey of productive cooperation between China and Africa.  China-Africa trade reached $208.7 billion last year, and China’s direct investment stock in Africa stood at US$49.1 billion, 20 times and 100 times more than 20 years ago respectively”.

 

                                                                          

Vanguard, 02 December 2020