Nigeria and China’s trade volume soared to $20 billion in 2024, with Nigeria emerging as China’s largest engineering contract partner, second-largest export market, and third-largest trade partner in Africa.
The Chinese Ambassador to Nigeria, Yu Dunhai, revealed this during the 2025 Chinese Lunar New Year celebration at the Chinese Cultural Centre in Abuja.
“Last year, the trade volume between China and Nigeria exceeded $20 billion,” Ambassador Yu said, highlighting Nigeria’s significance in China’s trade partnerships across Africa.
Balance of Trade Favours China
The ambassador expressed optimism about further collaboration between the two nations. “We aim to increase our trade volume even further because of the immense potential we see in Nigeria.”
The Permanent Secretary of the Federal Ministry of Arts, Culture, Tourism, and Creative Economy, Oraeluno Obi Raphael, echoed the same sentiment and praised the growing economic and cultural partnership between the two countries.
“Collaborative efforts in trade, tourism, and the creative economy have enriched our societies and opened avenues for economic growth and mutual prosperity,” Raphael said.
The two nations have strengthened their bilateral ties, with President Bola Tinubu’s state visit to China last September elevating their relationship to a “comprehensive strategic partnership”.
In 2022, China exported $21.4 billion of goods to Nigeria, including non-knit women’s suits, rubber footwear, and broadcasting equipment. On the other hand, Nigeria exported $1.52 billion worth of goods to China, primarily petroleum gas, crude petroleum, and lead ore, leaving a massive balance of trade in China’s favour.
The trade volume between the two nations has been steadily increasing, with China’s imports from Nigeria growing by 36.1% year-on-year from January to September 2024.
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