Nigeria and China have achieved a record-breaking $15.1 billion in bilateral trade from January to September 2024, with a significant 36.1% increase in China’s imports from Nigeria compared to the same period last year. This marks a new milestone in the growing economic relationship between the two nations.
The announcement was made by Mr. Jin Mingyu, Acting Consul General of the Consulate-General of China, during a civic reception held in celebration of the inaugural docking of COSCO’s new vessel route at Lekki Port, one of Nigeria’s key maritime hubs. Mr. Jin also highlighted that, as of September, Lekki Port had handled over 160,000 twenty-foot equivalent units (TEUs) of cargo in 2024, underlining the growing significance of the port in Nigeria’s economic landscape.
Speaking at the event, Mr. Jin emphasized that the increase in trade is largely driven by ongoing collaboration between Nigeria and China. He stressed the importance of multinational enterprises working together to strengthen trade ties, improve logistics infrastructure in Nigeria, and create opportunities for Nigerian products to access China’s vast consumer market.
“This collaboration is critical for both countries to tap into the vast opportunities that globalisation offers,” Mr. Jin stated, adding that both nations stand to benefit from the current trends in international trade, particularly as developing nations increasingly integrate into the global economy.
The arrival of the EA Centaurus, the first vessel to operate on COSCO’s new route to Lekki Port, signifies a key development in international shipping and positions Lekki Port as a critical node in the global supply chain. The development is expected to fuel economic growth in Nigeria by further enhancing trade relations with China and beyond.
In 2023, China-Nigeria trade reached $22.56 billion, with Nigeria emerging as China’s third-largest trading partner in Africa. The robust trade performance in 2024 further solidifies this position, with imports from Nigeria to China rising significantly.
Du Ruagang, Managing Director of Lekki Port, described the arrival of EA Centaurus as a testament to the port’s role in transforming Nigeria’s maritime industry. He further noted that this development would attract more international shipping lines, accelerating Nigeria’s growth as a maritime hub.
Lekki Port Manager, Emmanuel Anda, added that the successful docking of EA Centaurus marked a new chapter in the port’s operations. Representing the Nigerian Ports Authority (NPA), he stated that the development would strengthen Nigeria’s position as a key trade hub in West Africa.
This milestone also underscores the continued success of the China-Nigeria partnership, particularly in infrastructure and logistics, as both nations work together to expand opportunities in key economic sectors.
