Nigeria, China trade volume hits $13billion

The trade volume between Nigeria and China almost doubled in four years on the back more inflow of Chinese goods to Nigeria, according to the out-going Chinese ambassador to Nigeria, Deng Boqing, said.

Deng, in a remark  at the farewell reception held in his honour in Abuja on Friday, said, “Last year (2013) trade volume was almost double of that of four years ago according to statistic trade value between the two countries is almost 13 billion dollars,” the envoy told his audience.

“We encourage the Chinese companies to do their business especially establishing factories in Nigeria in order to increase job opportunities For Nigerians, and industrialize products for Nigerians,” he said.

“If we discuss the detail of trade volume we will find out that more goods import from China to Nigeria. We are aware that more than 30 percent of Nigeria oil product, especially crude oil, export to America and only one percent is been export to China,” he added.

He also commended the Central Bank of Nigeria efforts by including Renminbi, the Chinese currency, in its foreign exchange reserves, making Nigeria the first country in Africa to do so. 

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