Nigeria and China have maintained a longstanding trade relationship, but their bilateral trade declined by N37.3 billion ($80 million) in 2022 compared to the previous year.
Despite this, both nations remain committed to strengthening their business ties.
The Chinese Chamber of Commerce delegation visited the Nigerian Investment Promotion Commission and was led by Wang Yingqi, Minister and Counselor for Economic and Commercial Affairs at the Embassy of the People’s Republic of China.
According to Wang, the trade value was $219 million in 2022 and $300 million in 2021.
He noted that the Chinese government has invested in the Lekki Free Trade Zone through a Public-Private Partnership with the federal government and Lagos State Government.
The Executive Secretary of the NIPC, Saratu Umar, reaffirmed the government’s commitment to promoting closer business ties with China and expressed the desire to export semi-processed and finished goods to China, in addition to importing raw materials.
Umar invited the Chinese business community to identify areas of interest, such as agriculture and solid minerals, for integration into the Investment Masterplan.