Nigeria, China trade transaction hits N38.01 trillion

The Consul-General of the People’s Republic of China in Lagos, Mr Liu Kan, has revealed that the volume of trade between Nigeria and China in 2014 was about N38.01 trillion ($18.1 billion).
Liu said on Wednesday in Lagos that there was relative increase in the exchange of goods and services in the year over the 2013 transactions.
“Today, Nigeria is China’s third major export destination in Africa after South Africa and Angola, while China is Nigeria’s largest source of imports and third major trade partner.
“According to China Customs, the trade volume between China and Nigeria in 2014 rose to about 18.1 billion dollars which is an increase over our 2013 transaction
“We should say that our bilateral relations in 2014 rose to a new level that we all expected,’’ he said.
The envoy said that Chinese companies had in 2014 invested in Nigeria’s construction, manufacture, oil and gas, telecommunications, agriculture, real estate sectors and free trade zones
Liu, who expressed the Chinese government’s satisfaction with both countries’ present level of win-win cooperation, said that both countries socio-economic relations would be brighter in the years ahead.
The consul-general also disclosed the Chinese government’s plan to simplify visas application processes for Nigerian businessmen and women this year.
“We know that every year thousands of Nigerian businessmen attend the Canton Fair in search of new business opportunities and partners.
“We are, therefore, going to be creating the right visas application processes for them to enable more Nigerians to do business with Chinese manufacturers and businessmen,’’ he said.
Liu also disclosed plans by more Chinese companies to come and invest and do business in Nigeria.
He appealed to the Federal Government to create the right environment for more Chinese companies to come in and invest.