China-Nigeria Bilateral Trade Reaches $22.5b-Chinese Envoy
Chinese Ambassador to Nigeria, Yu Dunhai disclosed that China-Nigeria trade relations has reached $22.5 billion in 2023.
This is as the Speaker of House of Representatives, Tajudeen Abbas said the National Assembly would deploy the necessary legislative framework to support the implementation of China-Nigeria agreements.
The two countries made the revelation at weekend during the reception in Celebration of the 75th Anniversary of the Founding of the People’s Republic of China.
Dunhai said: “In 2023, bilateral trade between our two countries reached $22.5 billion. Our practical cooperation has achieved fruitful results in areas such as infrastructure, investment, trade, agriculture and green economy, covering projects for the aviation, on the land and in the sea.
“The projects have brought tangible benefits to both Chinese and Nigerian people, and provided concrete support for Nigeria’s social and economic development.”
He further said “Nigeria remains China’s largest project contracting market, the second largest export market, third largest trading partner, and a major investment destination in Africa.”
Dunhai added that since the establishment of diplomatic relations in 1971, both countries have been enjoying a long-standing friendship, with strengthened high-level engagements, consolidated political mutual trust, deepened people-to-people exchanges, and fruitful outcomes of practical cooperation.
On his part, Speaker Abass assured the Chinese envoy that the National Assembly would put in place necessary laws to ensure the implementation of the agreements.
He said: “The National Assembly would deploy the necessary legislative framework to support the implementation of these agreements.”
The Speaker also revealed that the House of Representatives would be engaging with its Chinese counterpart as part of the efforts to explore more opportunities.
He said: “I am pleased to announce that the House of Representatives will be actively engaging through our China-Nigeria Parliamentary Friendship Group.
“This initiative aims to explore various areas for collaboration and cooperation, focusing on sectors such as trade, technology transfer, infrastructure development, and cultural exchange.
“By learning from China’s experience in leveraging its legislature for national advancement, we can better position ourselves to address the challenges facing our own country.
“As we look forward to future endeavors together, let us reaffirm our commitment to enhancing cooperation between Nigeria and China. It is imperative that we work hand-in-hand to address common challenges while seizing opportunities for growth that benefit both nations.”
The Speaker also explained that the recent agreements reached during this forum with President Bola Ahmed Tinubu signify a renewed commitment to strengthening our bilateral ties.
“These agreements will pave the way for further investments in critical areas such as energy production and technology transfer—areas that are vital for Nigeria’s sustainable development.
“The National Assembly would deploy the necessary legislative framework to support the implementation of these agreements.”
He also added: “The National People’s Congress (NPC) has demonstrated how a robust legislative framework can serve as an instrument for national development.
“By fostering a collaborative relationship with this esteemed body, we can exchange ideas and best practices that will enhance our own legislative processes.
“The success story of China is not merely one of economic prowess; it is also a testament to the power of effective governance and legislative action in driving national progress.”