The Chinese Embassy said on  Monday that trade between Nigeria and China in the first half of 2010 reached $36.76 billion (about N5.3 trillion). Mr Rong Yansong, the Economic and Commercial Counsellor at the embassy, disclosed this at the promotional event of China-made pharmaceuticals and medical devices products in Lagos.

According to Rong, the figure has surpassed the $6.5 billion (about N975 billion) trade volume for the whole of 2009. He said that the value of exports from Nigeria to China also rose to $702 million (more than N1.5 trillion) from about $216 million (about N32 billion) recorded in 2009.

Rong added that at the end of the period under review, the accumulated investment made by Chinese enterprises in Nigeria amounted to $7.5 billion (about N2.2 trillion).

According to him, the trade is mostly in petroleum, Free Trade Zone projects, iron and steel, manufacturing, agriculture and fishery and pharmacy. Rong hoped that trade between the two countries would continue to improve.

“Cooperation between us will enable us to bring out our respective strengths and acquire common progress. In the past few years, great achievement has been made through our common efforts,” Rong said. He said that the essence of the programme was for the Chinese government to devote itself to promoting product quality and safety.

Rong said that the Chinese government would also like to establish a mechanism with the Nigerian government to check the manufacturing and sale of fake drugs. Against this background, he urged more producers, importers and exporters of pharmaceuticals and medical devices products to attend specialised fairs in China.

“For instance, a Made-in-China exhibition, which will be orgainsed by the Ministry of Commerce of China, will hold in Abuja from Nov. 30 to Dec. 3, 2010,” he said. 50 companies from the pharmaceutical sector of China attended the event