Nigeria/China Trade Hits $6.4bn

Mr Guo Kun, Consul General of the Consulate of the Peoples Republic of China in Nigeria, says the volume of China’s bilateral trade with Nigeria in 2009 stands at $6.373 billion.

Kun disclosed this on Wednesday in Lagos when some members of the Nigeria-China Business Network Group led by Chief Charles Adebiyi, a real estate consultant, paid him a visit in his office.

He said that China’s export to Nigeria was $5.476 billion (N825 billion), adding that “in the past few years, the bilateral trade between China and Nigeria has grown steadily.

“In 2009, the volume of bilateral trade was $6.373 billion (N960 billion) and export to Nigeria was 5.476 billion (N825 billion),” he said.

According to him, in as much as China does not pursue trade surplus with Nigeria, China wishes to work with Nigeria to balance the trade.

Kun said that the economic structures of the two countries accounted for China’s trade surplus with Nigeria.

He said that manufacturing was an important part of China’s economy, while the oil industry was a prime sector in Nigeria’s economy.

The Consul General said that currently, Nigeria exported limited crude oil to China, saying that was what created the imbalance.

He said that the two governments were committed to solving the imbalance through cooperation.

Adebiyi said the visit was to strengthen the business group’s relationship with China after the touring of five Chinese’ cities in April.

He said they were seeking the Consul General’s cooperation in smoothing investment opportunities in infrastructural development and real estate.