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Bilateral trade between Nigeria and China continues to soar, with trade volume hitting $15.1 billion between January and September 2024. This milestone reflects growing economic cooperation between the two nations, as disclosed by Mr. Jin Mingyu, the Acting Consul-General of China, during a reception held in Lagos.
The event was organized to celebrate the arrival of the first vessel on a new shipping route launched by COSCO, a global shipping giant, which docked at the Lekki Deep Sea Port. This development marks a significant step in strengthening ties and expanding trade activities between China and Nigeria.
Record-Breaking Growth in Trade
Speaking at the event, Mr. Mingyu highlighted the impressive growth in China’s imports from Nigeria, which surged by 36.1% in just nine months. This growth is a testament to Nigeria’s increasing relevance as a trading partner and the potential for further trade expansion.
“In 2023, trade between our countries reached $22.56 billion, making Nigeria China’s third-largest trading partner in Africa. From January to September this year, we’ve already hit $15.1 billion, with imports from Nigeria showing a significant year-on-year increase,” Mingyu noted.
This upward trend in trade highlights the critical role Nigeria plays in supplying goods to the Chinese market, particularly with unique products that have found growing demand in China.
Lekki Port: A Game-Changer for Nigerian Trade
A key highlight of the Lagos event was the celebration of Lekki Deep Sea Port’s rising prominence in international trade. According to Mingyu, the port’s 2024 cargo throughput exceeded 160,000 twenty-foot equivalent units (TEUs) by September. The arrival of the vessel EA Centaurus on COSCO’s new route marked a historic moment, symbolizing the port’s potential to transform Nigeria’s economic landscape.
Mingyu described Lekki Port as a “landmark project” for Chinese companies involved in its construction and operation. He emphasized that it represents a model of successful multinational cooperation, showcasing the benefits of strategic collaboration between nations.
“The arrival of EA Centaurus is not just a breakthrough for Lekki Port but also a step forward in deepening China-Nigeria collaboration. It will inject fresh momentum into Nigeria’s economic development and broaden the scope of cooperation in areas like trade, logistics, and infrastructure,” he added.
Expanding Opportunities for Nigerian Exports
The Chinese government expressed optimism about Nigeria’s ability to seize global market opportunities. Mingyu highlighted China’s readiness to support Nigeria in developing a modern port and logistics network while opening its vast market to more Nigerian products.
“We are looking forward to seeing more merchant ships carrying Nigeria’s unique products to China. This collaboration aligns with the goals of globalization, offering developing countries like Nigeria a chance to thrive in the global economy,” he said.
China’s commitment to this partnership extends beyond trade. The collaboration also aims to attract multinational enterprises to Nigeria, enabling the nation to build a robust trade infrastructure that will boost its economy and create more opportunities for Nigerian businesses.
COSCO’s New Shipping Route: A Turning Point
The introduction of COSCO’s new bi-weekly shipping route to Lekki Port marks a major advancement in China-Nigeria relations. COSCO, a global leader in shipping and logistics, has teamed up with other major players like ZIM and ONE shipping lines to make regular stops at Lekki Port.
This initiative is expected to improve Nigeria’s maritime industry, making it a hub for international trade. The Managing Director of Lekki Port, Du Ruagang, expressed his excitement about this development, calling it a “transformative force” for the Nigerian economy.
“The berthing of EA Centaurus at Lekki Port is not just an achievement for us; it is a testament to our dedication to positioning this port as a cornerstone of Nigeria’s maritime industry. This partnership with global shipping lines will redefine trade logistics in Nigeria and set a new standard for efficiency,” Ruagang said.
A Bright Future for Nigeria-China Collaboration
The growing trade relationship between Nigeria and China is paving the way for mutual benefits. With initiatives like Lekki Port, both nations are demonstrating a commitment to strengthening economic ties and exploring new opportunities for collaboration.
For Nigeria, this partnership offers a chance to diversify its economy, reduce dependence on oil, and improve its global competitiveness. For China, it represents an opportunity to access unique Nigerian products and deepen its influence in Africa.
As Lekki Port continues to expand its operations and more shipping routes are established, the future of Nigeria-China trade looks brighter than ever. Both countries stand to gain immensely from this partnership, creating a win-win scenario for economic growth and development.
The arrival of EA Centaurus at Lekki Port is just the beginning. It symbolizes a new chapter in the relationship between Nigeria and China—one built on shared goals, strategic collaboration, and a vision for sustainable growth.
