China, Nigeria bilateral commerce hits $11.2b



    Forex: CBN lifts market with $210m
    China, Nigeria bilateral commerce

    By Temitope Ponle

    The commerce and financial cooperation between China and Nigeria has prospered with bilateral commerce hitting $11.2 billion with first 10 months of 2017.

    The determine put the expansion fee at 28.5 per cent which made Nigeria as China’s third largest buying and selling accomplice and second export accomplice in Africa.

    Mr Zhao Linxiang, Economic and Commercial Counsellor, Embassy of China made this disclosure at a reception for members of coaching programs in China in Abuja on Thursday.

    He additional stated that China’s complete funding in Nigeria had, thus far, reached $2.7 billion.

    “Numerous Chinese traders and enterprises are concentrated in Nigeria; their companies cowl varied fields.

    “According to the Nigeria Bureau of Statistics, our investment in non-oil field is $38.58 million, which is 4.6 times of the year 2016.”

    He additionally stated that cooperation between the international locations within the space of infrastructure growth had deepened.

    “In November 2017, a joint venture of three Chinese companies signed the commercial contract of Mambilla Hydro power station; the amount is 5.8 billion dollars which means this is the largest contract signed in two years.”

    He added that cooperation in infrastructure could be fulfilled underneath the framework of the 10 main China-Africa cooperation initiatives.

    He additionally reiterated the dedication of the Chinese Government to strengthen mutually helpful cooperation with Nigeria within the areas of agriculture, fishery, petroleum refining, mineral extraction, textile and manufacturing amongst others.

    He additionally stated that greater than three,600 Nigerians have participated in numerous coaching organisned by the Chinese Government in China since 2006.

    The coaching was an offshoot of the strategic partnership established in 2005, to reinforce relations and continued people-to-people exchanges.

    The envoy stated that greater than 350 Nigerian officers attended greater than 100 seminars in China in 2017.

    He added that two native coaching programs in agriculture and telecommunications had been additionally held in Abuja in 2017.

    “This is the primary time that we held coaching programs in Nigeria and each programs loved reputation and have good outcomes.

    “This is a new beginning of a new training model, which proves that we can achieve better results through providing more localised courses.”

    The envoy additional stated that forthcoming programmes, which might be held in the midst of the 12 months, will strengthen bilateral relations.

    He stated that the Forum for China-Africa Cooperation summit to be held in September in Beijing would develop cooperation between each international locations.

    He additionally added that the China International Import Expo to be held from Nov. 5 to Nov. 10 in Shanghai would current a platform for international locations globally to showcase their “country’s images” and perform worldwide commerce. (NAN)