China–Nigeria Economic Relations Gain Momentum With $22.3bn Trade Volume

China–Nigeria Economic Relations Gain Momentum With $22.3bn Trade Volume
China–Nigeria economic and trade relations recorded strong momentum over the past year
The envoy said Nigeria was honoured as the Guest Country of Honour at the China–Africa Economic and Trade Expo in June

China–Nigeria bilateral trade rose above $22.3 billion between January and October 2025, reflecting a 30.2 per cent year-on-year increase, the Chinese Consul-General in Lagos, Ms Yan Yuqing, has said.

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Eko Hot Blog reports that Yuqing disclosed this at the Lagos Forum New Year Media Symposium, where she reviewed the state of economic relations between both countries and outlined prospects for deeper cooperation in 2026.

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According to her, China–Nigeria economic and trade relations recorded strong momentum over the past year, with Nigeria remaining one of China’s leading investment destinations in Africa. She noted that the scale and depth of cooperation between both countries continue to expand across trade, infrastructure, manufacturing and logistics.

The envoy said Nigeria was honoured as the Guest Country of Honour at the China–Africa Economic and Trade Expo in June and the China International Import Expo (CIIE) in November, a development that helped boost Nigerian exports to the Chinese market.

Products such as cashew nuts, sesame seeds, sorghum and dried ginger, she said, gained wider access during the period.

Yuqing also highlighted the Lekki Free Trade Zone and the Ogun–Guangdong Free Trade Zone as key platforms driving industrial and manufacturing cooperation, adding that projects implemented within the zones have supported job creation and strengthened local industrial capacity.

She cited major infrastructure projects backed by Chinese partnerships, including the Lekki Deep Sea Port, which she said is projected to handle an annual throughput of 520,000 TEUs, representing more than 82 per cent year-on-year growth.

She also noted that passenger volumes on the Lagos–Ibadan Railway and the Lagos Light Rail reached record levels, helping to ease traffic congestion and improve urban mobility.

China–Nigeria Economic Relations Gain Momentum With $22.3bn Trade Volume

Speaking on Nigeria’s tax reforms, Yuqing clarified that the requirement for businesses to link their Tax Identification Number (TIN) to bank accounts was not a new policy. She explained that the provision was first introduced under the Finance Act of 2020 and retained in the new tax laws because of its relevance.

She warned that misinformation and panic surrounding tax reforms could undermine economic stability, stressing that public awareness remains key to sustaining gains in sectors such as infrastructure, agriculture and the digital economy.

Yuqing expressed optimism that China–Nigeria relations would continue to deepen in 2026, driven by shared development goals, expanding trade ties and sustained investment in critical sectors of the Nigerian economy.