Nigeria and China trade balance has increased to N7.54 trillion in the first nine months of 2023. According to a National Bureau of Statistics, Nigeria’s trade deficit with China is widening, with imports from the Asian country gradually increasing over the last year.
Between January and September 2023, Nigeria imported N8.4 trillion in commodities from China, according to an analysis of the Bureau’s foreign trade statistics. According to the breakdown, the country imported N1.29 trillion in Q1, N2.56 trillion in Q2, and N4.53 trillion in Q3.
Nigerian exports to China totaled N126.61 billion in Q1, N251.8 billion in Q2, and N482.4 billion in Q3, according to NBS data for the first nine months of 2023. Minerals, metals, agricultural products, crude oil, and agricultural products are among Nigeria’s principal exports to China.
According to a study received from China’s Customs office in 2021, Nigeria topped the list of African countries importing from China, with imported commodities valued at $23 billion (approximately N9.6 trillion), or 16 percent of entire continent imports from China.
However, the country did not rank among the top five African countries in terms of exports to China during the same year, since it only reported $3 billion (approximately N1.3 trillion) in exports. According to experts, the recurring trade deficit reflects Nigerian enterprises’ persistently low production capacity and competitiveness.
Doris Aniete, the Minister of Industry, Trade, and Commerce, came under fire last week when she appeared before certain senators to defend her ministry’s budget and was queried about the country’s trade balance, particularly with China.
“How is our trade balance, particularly with China?” “Those countries that import things to Nigeria are expected to build factories in Nigeria,” Senator Adams Oshiomhole of Edo North said. However, the minister informed the joint panel that her ministry has yet to obtain such documentation.
