Wednesday, Dec 12th 2018 4:55 AM
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Market Digest Nigeria

Business

China, Nigeria trade value hits N2.3trn

The Chinese consulate in Nigeria has disclosed that trade value between the country and Nigeria has hit N2.3 trillion ($6.5 billion) in the first five months of 2017, an increase of 33 per cent, over the same period in 2016.

Speaking at the 68th independence anniversary, the Consul General in Lagos, Mr Chao Xiaoliang, said despite the sluggish global economic conditions, investment from China to Nigeria increased by 27 per cent in 2016.

 Xiaoliang said: “Recent years witnessed tangible progress in China Nigeria relations. China/Nigeria strategic partnership enjoyed comprehensive and rapid development. The positive chemistry between President Xi Jinping and President Buhari is heating up the exchanges between the two countries in various fields.

“China has already invested or financed a total number of $22 billion (N7.9 trillion) projects here in Nigeria, another $23 billion (N8.3 trillion) projects are on-going. TECNO, HUAWEI has become household names in Nigeria.”

The Speaker of Lagos State House of Assembly, Mudashiru Obasa, in his remark said: “A lot has been achieved in the development of trade between both nations, especially in the area of politics, economics, communication, culture and education.’’

 

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