(Ecofin Agency) - In 2023, China was Nigeria’s top supplier, holding 18.4% of the market with $10.2 billion in exports, according to the French Treasury.

During their meeting in Beijing on September 3, Nigerian President Bola Ahmed Tinubu and Chinese President Xi Jinping oversaw the signing of several cooperation agreements on the sidelines of the Forum on China-Africa Cooperation (FOCAC).

These agreements focus on areas like media, the Belt and Road Initiative, peaceful uses of nuclear energy, and human resource development. President Tinubu highlighted Nigeria’s economic potential, driven by its largely young population. Nigeria's Foreign Minister, Yusuf Tuggar, noted that China plans to invest in infrastructure and finished goods, which will help create jobs. Huawei also proposed building two data centers in Nigeria, creating more opportunities for the youth.

In the first quarter of 2024, China's market share grew to 23.18%, up from 14.61% in the previous quarter, as reported by Nigeria’s National Bureau of Statistics.

Minister Tuggar also mentioned that the agreement marks progress toward broader collaboration between the two nations. He hinted that Nigeria could become China's top trading partner in Africa, surpassing South Africa, with trade volumes exceeding $23 billion.