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Trade Between Nigeria, China Hits $26bn

Trade Between Nigeria and China is is set to increase in the 2023 fiscal period and beyond as the Nigerian Export Promotion Council on Thursday commenced the shipment of agro-commodities to Nigerian Export Trade House in China.

Speaking during the kick-off of the shipment in Idu Industrial Layout in Abuja, the Executive Director/Chief Executive Officer of NEPC Dr Ezra Yakusak said the agricultural products include ginger, seseme seed, and cashew nuts among others.

The adoption of Export Trade House is expected to further drive the country’s non-oil export, increase market share.

Yakusak who was represented by the Director, Market Access Department in NEPC, Mr Babatunde Faleke stated that the shipment which is 20 containers is $1.5m.

According to him, the Export Trade House is being managed on Public-Private Partnership to provide visibility for Nigerian Products in targeted Country and region.

“The Company with the support of the Nigerian Export Promotion Council had earlier acquired and set-up its offices, concluded business registration in China and also acquired the General Administration of Customs (GACC) of the People’s Republic of China for ginger and sesame seed while awaiting approval for other products,” he explained.

The NEPC Executive Director pointed out that the Export Trade House could not be launched for export operations due to restrictions on travel as a result of COVID-19 that led to lockdown in China and the shipment is expected to arrive China within 45 days.

“It is therefore our expectation that Nigerian exporters will leverage on this platform to increase exports of Nigerian goods to People’s Republic of China giving its prominence in the entire Asian continent.

“The Nigerian Export Promotion Council is also using this medium to call on Nigerian Ports Authority and other relevant organizations to a as a matter of urgency consider the provision of necessary infrastructure in the other smaller ports in the country to ease the congestion at the Apapa Port and make export seamless.”

In a remark, the Representive of Chinese Embassy in Nigeria, Allen Zhang said Nigeria earned about $26bn through its bilateral trade relations.

He said that the $26bn trade is twice higher than the trade volume between China and Ghana, four times higher than that of China and Kenya and six times higher than trade between China and Cameroun.

He, therefore, expressed China’s readiness to import more agricultural commodities from Nigeria

Earlier, the Managing Director of Zeenab, operator of Nigeria Export Trade House in China, Mr Victor Ayamere commended NEPC for the establishment of the House.

He stressed the need for youths most especially NYSC corps members to develop keen interest in export business towards boosting job opportunities and national economic development.

ENDS

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