The Nigeria-China Business Council (NCBC) on Monday said trade relations between both countries had increased from 2.7 billion dollars (N531.9 billion) in 2009 to 13 billion dollars (N2.56 trillion) currently.
The volume of trade within the six year period represents an increase of 10.3 billion dollars (N2.03 trillion) or 381 per cent.
The National Coordinator of the Council, Mr. Matthew Onwekwe, stated this during a chat with journalists in Abuja.
He said when the council was set up in 2009 under the Ministry of Industry, Trade and Investment, the level of trade between
both countries was 2.7 billion dollars in favour of China and about 700 million dollars in favour of Nigeria.
Onwekwe said that the council was set up due to the need to balance the trade imbalance between both countries.
“Before the council was established, we had our mandate which is to promote the trade relationship between Nigeria and China
and attract investors into various sectors of the economy.
“When we started this council, the trade relationship between Nigeria and China was about 2.7 billion dollars in favour of China
and about 700 million in favour of Nigeria.
“Then we sat down and said we cannot continue to run an economy like this because the relationship is one sided and we must work
to balance the trade between Nigeria and China.
“Today’s the trade relations between Nigeria and China is over 13 billion dollars in favour of China; and for Nigeria it is almost closed to
10 billion dollars and that is as a result of the effort made by this council,” he said.
Onwekwe said some of the products that contributed to Nigeria’s exports to China were Cocoa, Cashew and Cotton wool among
He said the council was currently diversifying its efforts at increasing investment into Nigeria, noting that some Chinese investors
have begun the manufacturing of prepaid meters in the country.
“We have invited a lot of investors from China who are here today. We have brought in investment through the prepaid
“We want to establish factories where prepaid metre will be manufactured.”
“The NCBC has met and discussed with Nigerian Electricity Regulatory Commission and the ministry of power. We agreed that we
must intensify our efforts to bring in investments into that sector,” he said.
The NCBC boss said with that currently, Chinese companies employ about 6,000 Nigerians adding that with the investment in prepaid meter manufacturing, more jobs would be created in the economy.