Organizers of the China-Nigeria Expo are optimistic that the event will enhance trade relations between China and Nigeria.
Scheduled to take place from November 5-8 in Lagos, this expo is set to be the largest assembly of Chinese manufacturers in both Nigeria and the West African region.
According to The PUNCH, a statement from the organizers highlighted that Nigeria stands as China’s second-largest trading partner in Africa, while China is Nigeria’s leading source of imports.
Chinese customs data revealed the bilateral trade volume between the two nations reached $23.9 billion in 2022.
Of this, China exported $22.3 billion worth of goods to Nigeria and imported $1.6 billion worth from Nigeria.
The statement further detailed that in the first three quarters of 2023, the bilateral trade volume was $17.25 billion, with Chinese exports to Nigeria at $15.67 billion and imports from Nigeria at $1.58 billion.
This reflects a 22.5 percent increase in Nigerian imports compared to the same period in the previous year.
Investments exceeding $1.5 billion by Chinese investors have been committed to the Lekki Free Trade Zone and Ogun-Guangdong Free Trade Zone, resulting in the creation of over 7,000 jobs.
China’s involvement in Nigeria’s infrastructure projects includes significant contributions to the Lekki Free Trade Zone, Lekki Deep Sea Port, Lagos Blue Line Rail, and rail connections to neighboring countries, illustrating the benefits of the Belt and Road Initiative.
Chief Representative Officer of Brightway International Exhibition, Mr. Muheez Ojulari, remarked, “In a move to further improve the trade relationship between Nigeria and China, Brightway International Exhibition, the organiser of the annual China Commodities Expo-Nigeria will continue on its part to support the present administration’s laudable initiative as proposed in the eight-point agenda to attract the right investment into Nigeria.
“Thereby, creating job opportunities, eradicating poverty through job creation and employment opportunities, bringing meaningful growth to the economy, attract venture capitalist to support laudable business ideas of our teaming youth.”
Ojulari noted that the 2023 edition of the China Commodities Expo held in Lagos showcased over 200 leading Chinese manufacturers from various sectors, aimed at enhancing international trade cooperation between the two nations.
He elaborated on the expo’s importance for China-Africa economic and trade collaboration, emphasizing that it would further cement the bilateral trade relationship between China and Africa.
The event is expected to offer significant business growth and networking opportunities, allowing participants to expand their business networks, connect with top Chinese manufacturers, discover new suppliers, and seek venture capitalist support for innovative business ideas.
Ojulari also underscored the event’s role in diversifying businesses, increasing foreign direct investment, and elevating individual living standards, thereby contributing to poverty reduction and economic development.
“By providing a platform to assess investment and developmental potentials, it contributes to building and strengthening the existing mutually beneficial bilateral relationship between China and Nigeria.
“The exhibition’s impact extends beyond trade and economic cooperation, as it fosters technology transfer, reduces poverty, and improves the standards of living for individuals in both nations,” Ojulari concluded.
