Nigeria’s imports from China surged to N14.15 trillion in 2024, more than doubling the N6.6 trillion recorded in 2023, data from the latest Foreign Trade Statistics report published by the National Bureau of Statistics (NBS) showed.
This represents a year-on-year increase of N7.55 trillion or 114.3 per cent, reaffirming China’s position as Nigeria’s top import partner.
On the export side, Nigeria’s shipment to China rose from N891.38 billion in 2023 to N2.99 trillion in 2024, representing an increase of 236 per cent.
Despite this growth, China ranked only seventh among Nigeria’s top export destinations for the year, further widening the trade imbalance between the two countries.
Total bilateral trade between Nigeria and China stood at N17.14 trillion in 2024, up from N7.49 trillion in 2023, marking a 128.8 per cent increase in trade volume.
With imports making up over 82.5 per cent of this total, Nigeria maintained a significant trade deficit with the Asian giant. A breakdown of Nigeria’s top imports from China in 2024 reveals a dominance of industrial, automotive, and technology-related products.
Leading the list were photovoltaic cells not assembled in modules or made up into panels, which amounted to N228.99 billion. This was followed by spark-ignition internal combustion piston engines and electric motors valued at N121.15 billion, and communication-related machines for reception, conversion, and transmission of voice, images, or data, which came in at N114.43 billion.
Other major imports included buses or lorry-type vehicles (N96.48 billion), air conditioning machines (N77.57 billion), and various chemical and polymer materials such as polypropylene (N17.83 billion), glutamic acid and its salts (N48.57 billion), and kaolin clays (N3.65 billion).
Lesser-valued imports like veneer sheets (N9.27 billion), gypsum (N60.09 million), and anhydrite also featured among the selected items. The rise in photovoltaic cell imports may reflect Nigeria’s growing appetite for solar technology and off-grid power solutions amid national electricity supply challenges.
Similarly, the large import of vehicle parts and machinery underlines the sustained reliance on foreign-built automotive components and industrial equipment. On the export front, Nigeria’s largest commodity to China in 2024 was sesame seeds, totalling N96.71 billion.
Other key exports included cathodes and sections of cathodes (N14.28 billion), unwrought aluminium alloys (N9.28 billion), and tin ores and concentrates (N9.95 billion).
Exports of lead ores, zinc ores, and technically specified natural rubber also contributed, albeit with smaller values ranging from N2.29 billion to N5.61 billion.
The export basket shows a concentration on raw materials and primary goods, with little evidence of high-value manufactured exports.
This continues a long-standing pattern in Nigeria-China trade relations, where Nigeria imports finished or industrial goods and exports raw commodities. While the increase in exports may signal improved access to the Chinese market, concerns persist over the sustainability of a trade framework that is largely built on raw material exports.
The sharp imbalance also highlights the urgency of industrialising Nigeria’s export base to achieve more equitable trade terms. China retained its position as Nigeria’s top import partner in 2024, ahead of countries such as Belgium, India, the Netherlands, and the United States.
For exports, China lagged behind nations like Spain, India, the Netherlands, France, and Indonesia. Trade between the two countries has grown steadily over the years, driven by bilateral agreements, China’s infrastructure investment footprint in Nigeria, and the demand for Chinese machinery and manufactured goods.
There have been concerns around the structural trade imbalance, with experts urging policymakers to negotiate fairer trade terms and support local industries to reduce dependence on imports.
Sunday PUNCH earlier reported that China and Nigeria renewed a 15 billion yuan ($2 billion) currency-swap agreement aimed at enhancing trade and investment between the two nations.
The arrangement is expected to bolster financial cooperation and promote the broader use of the yuan and naira in bilateral transactions, according to the People’s Bank of China.
Earlier this year, the Chinese Ambassador to Nigeria, Yu Dunhai, reaffirmed China’s dedication to deepening its partnership with Nigeria, as trade between the two nations exceeded $20 billion in 2024.
Speaking at the Chinese New Year of the Snake celebration in Abuja, Dunhai highlighted Nigeria’s growing significance on the African and global stage. Dunhai pointed to the strengthening of bilateral ties, which was elevated to a comprehensive strategic partnership following President Bola Tinubu’s state visit to China.
‘The trade volume between both countries exceeded $20 billion last year, and I think Nigeria is the largest engineering contract, the second largest exporting market, and the third largest trade partner for China in Africa. And of course, we would like to work with Nigeria to bring our trade volume to an even higher level because we see there is a big potential’, the ambassador stated.
Dunhai expressed optimism about the future of Nigeria-China relations, particularly under the Forum for China-Africa Cooperation. ‘We look forward to working with Nigeria to implement the 10 Action Partnerships and bring tangible benefits to the people of both nations’, he stated.
In February, the Federal Government appealed to China to ‘remove trade tariffs for Nigeria as it had to 33 other African nations, ‘In hopes of deepening economic cooperation and boosting trade in areas critical to Nigeria’s development goals.
The Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, made the appeal during a courtesy visit by the Chinese Ambassador to Nigeria, Yu Dunhai, at the Minister’s office in Abuja.
Odumegwu-Ojukwu highlighted Nigeria’s long-standing relationship with China, which spans over five decades, and emphasised that the current administration under President Bola Tinubu is prioritising economic diversification as part of its ‘Renewed Hope Agenda’.
She also acknowledged China’s significant contributions to Nigeria’s road and rail infrastructure development.
