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Chinese Ambassador to Nigeria talks about China-Nigerian economic cooperations
2010/12/01

Quoted from an article in the Guardian Newspaper

      NIGERIA'S bilateral trade with China, in the first half of this year, hit $3.67 billion, the Chinese Ambassador to the country, Mr. Dens Boqing, has said.

      Boqing, who made this disclosure in Lagos, yesterday, at the first construction machinery exhibition of Lekki Free Trade Zone, affirmed however, that the balance of trade tilted in favour of the Far East Asian country.

      Specifically, Nigeria's export to China during the period under review was $702 million, leaving the balance in favour of imports from the world's second biggest economy.

      The envoy noted that the business ties between China and Nigeria have expanded and well consolidated to play a significant and leading role in the China-Africa economic and trade cooperation.

      Specifically, Boqing rated Nigeria as China's second largest export market in Africa, while China becomes Nigeria's second largest trade partner.

      He added that the trade volume between the two sides grew by nearly 300 per cent since 2004, as the increase made it possible to achieve $7.2 billion in 2008.

      With the initiation of favourable policies from both governments, the Ambassador said China has continued to establish business in Nigeria in various areas such as petroleum, free- zone, agriculture, manufacturing, iron and steel among others.

      He added that the accumulated investment made by Chinese in Nigeria, as at the end of June was put at $7.5 billion.

      "As a major component of bilateral relations, economic and trade cooperation between China and Nigeria has achieved remarkable success. Thanks to the joint efforts of governments, enterprise and people of both countries.

      "The scope and scale of bilateral economic cooperation have been continuously expanded and developed. It is playing a significant and leading role for the China- Africa economic trade cooperation and with the synchronized growth in both quality and quantity, trade between the two countries has entered a new phase of development," he assured.

      Boqing noted that the Lekki Free Zone has produced results as both the inhabitants of the community and the nation at large are already reaping its benefits.

     He added that the project has attracted the investment of about 60 Chinese companies.

     Full content of the article could be found at: 
   
http://www.guardiannewsngr.com/index.php?option=com_content&view=article&id=30297:nigerias-bilateral-trade-with-china-hits-367b-in-six-months&catid=31:business&Itemid=562

 

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