The trade relationship between Nigeria and China, Africa’s 4th largest economy and the world’s second-largest, saw significant growth in 2024, pinpointing the need for the two countries to expand their bilateral ties.
In 2024, trade volumes exceeded $20 billion, according to Yu Dunhai, the Chinese Ambassador to Nigeria. Speaking during the Chinese Lunar New Year celebration in Abuja, Yu highlighted Nigeria’s pivotal role in Africa as a major economic power and a crucial partner in the BRICS alliance, comprising Brazil, Russia, India, China, and South Africa.
Yu underscored the need to strengthen ties further, emphasizing that the relationship is anchored on mutual benefits. He expressed optimism about the implementation of agreements reached during the Forum on China-Africa Cooperation (FOCAC), which focuses on trade, development, and infrastructure.
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As China’s largest engineering contract recipient in Africa and the continent’s second-largest export market, Nigeria holds a vital position in Beijing’s strategic economic engagements.
Although trade volumes in 2024 saw an 11.5% decline from the record $22.6 billion recorded in 2023, the relationship remains a key part of China’s engagements in Africa. This decline has not diminished the focus on improving trade dynamics and exploring areas of mutual interest. Challenges such as trade imbalances, where China exports predominantly manufactured goods while Nigeria exports raw materials, remain significant.
Yu also emphasized the potential for expanded cooperation, particularly in sectors like technology, industrial development, renewable energy, and agriculture. These areas represent untapped opportunities that could further deepen bilateral ties and help Nigeria diversify its economy away from an over-reliance on oil exports.
The Chinese Consul-General in Lagos, Yan Yuqing, noted that China’s economy grew by 5.0% in 2024. This growth, driven by qualitative advancements and steady quantitative expansion, provided momentum for global economic recovery. She highlighted how this progress reflects positively on China’s international partnerships, including its engagements with Nigeria.
In recent years, China has been instrumental in financing and constructing critical infrastructure projects in Nigeria, ranging from railways and airports to power plants and telecommunications networks.
Yan reflected on the fruitful cooperation between the two nations in various sectors, including infrastructure, trade, investment, and technology. Initiatives such as the Belt and Road Initiative (BRI) have created pathways for enhancing connectivity and boosting Nigeria’s economic growth. The involvement of Chinese companies in major projects has not only spurred local development but has also strengthened bilateral relations.
The bilateral relationship is not limited to trade and infrastructure. In 2024, the Chinese consulate, alongside the Chinese community in Nigeria, initiated significant social impact projects. One such initiative, “Renewed Hope, Rebirth from the Light,” aimed to assist cataract sufferers, enabling over 300 individuals to regain their sight. Building on this momentum, the “Together Fight Against Hunger” project has been announced for 2025, targeting low-income groups in Nigeria to combat poverty and hunger. These efforts exemplify how the partnership goes beyond economic gains to address social challenges.
During his recent visit to Nigeria, Chinese Foreign Minister Wang Yi highlighted key achievements in bilateral relations, including a new level of political alignment, the establishment of collaborative platforms, and greater heights in international cooperation. This visit reinforced China’s commitment to deepening its partnership with Nigeria and addressing shared challenges through innovative solutions.
The historical depth of Nigeria-China relations has positioned the two nations as strategic allies. While Nigeria benefits from China’s technological expertise and financial resources, China relies on Nigeria’s strategic location and market potential to strengthen its footprint in Africa. Both countries recognize the importance of broadening the scope of their partnership to include renewable energy, digital technology, and sustainable agriculture.
Vice President Kashim Shettima of Nigeria previously noted that the $22.6 billion trade volume recorded in 2023 was a milestone, signifying the strength of the relationship. Despite the decline in 2024, analysts believe that the fundamentals of this partnership remain strong. Initiatives like FOCAC and the BRI have provided platforms for dialogue and implementation of mutually beneficial policies.
