Economy

2016 China-Nigeria Trade and Economic Cooperation

China and Nigeria to Identify New Areas of Economic Cooperation

April 06th, 2016
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The Federal Republic of Nigeria and the People's Republic of China established formal diplomatic relations on February 10, 1971. Since then, bilateral relations between the two countries have strengthened in the fields of trade expansion and strategic cooperation. Nowadays China is considered one of Nigeria's closest allies and partners. Current economic relations between the two include high levels of investment of Chinese enterprises in Nigeria in the framework of infrastructure, construction and factory development. In 2014, the Chinese state-owed company China Railway Construction, invested 12 billion dollars in railways development in the Nigerian coast, the largest Chinese foreign project.

As a means to fortify the ties between the two countries, councilors and delegates met at the 2016 China-Nigeria Trade and Economic Forum. The Forum took place on the 31st of March in Abuja, capital of Nigeria. Representatives of China and Nigeria discussed enhancing bilateral relations under the new cooperation plan. China and Nigeria have recorded a total bilateral trade volume of 101 billion dollars from 2004 to 2015. The major commodities imported by Nigeria from China are electrical machinery equipment, machinery and mechanical appliances and vehicles. The major commodities exported by Nigeria to China are mineral resources, wood and agricultural products such as cotton, palm oil seeds and cashew nuts.

Nigeria's Minister of State for Industry, Trade and Investment Aisha Abubakar stated that the West African country will continue to work closely with China to enhance trade and economic cooperation. According to Ms. Abubakar, a forum of this nature creates an opportunity for stakeholders from both countries to expand business links and deepen relations, further leading to “rapid and sustainable development, wealth generation and reduction in poverty in both countries through the diversification of trade relations" she said. Chinese Ambassador to Nigeria H.E. Gu Xiaojie noted that the forum was an opportunity for business people from both countries to identify new areas of cooperation.

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References

News from Berlin
Urška Čelig, CD News