Nigeria: Trade exchange with China reached US$26 bln in 2022
Tuesday, 24 January 2023 18:11
(Ecofin Agency) - With such performance, China now accounts for one-fourth of Nigeria's imports.
Trade exchanges between Nigeria and China reached US$26 billion in 2022, announced Allen Zhang, head of the commercial office of the Chinese embassy in Nigeria last Thursday.
"The trade relationship between Nigeria and China is a win-win relationship. Last year, the trade volume between Nigeria and China reached almost $26bn. [...] It is more than three times the trade volume between China and Ghana. It is four times the trade volume between China and Kenya and six times the trade between China and Cameroon," he said according to local media Punch NG.
China, which now accounts for a quarter of Nigeria's imports, retains its position as Nigeria's largest trading partner, which it snatched from the US in 2020.
As usual, Nigeria's exports to the Middle Kingdom mainly consisted of raw materials, including crude oil, while its imports from the Asian giant are mainly finished goods (machinery, textiles, clothing, transport equipment, electrical and electronic components, etc.).
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