Business / Economy

Nigeria, China trade volume hits $13b in 2013

(Xinhua) Updated: 2014-01-20 09:23

LAGOS - The trade volume between Nigeria and China in 2013 is almost $13 billion mark, the out-going Chinese ambassador to Nigeria Deng Boqing said.

Deng made this remarks at the farewell reception held for him in Abuja Nigeria's capital city on Friday.

"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," 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 are imported from China to Nigeria. We are aware that more than 30 percent of Nigeria oil product, especially crude oil, is exported to America and only one percent is exported to China," he added.

He also commended the Central Bank of Nigeria efforts by including renminbi, the Chinese currency, in it's foreign exchange reserves, the very first one in Africa in so doing.

In his remarks, Senator Ibrahim Mantu said 70 percent of Nigeria's development was been headed by China.

"If the people that colonize us are doing what China is doing, I am sure that by now Nigeria would have gone far," the lawmaker added.

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