By Dotun Ibiwoye

The volume of trade between Nigeria and China recorded a significant improvement, rising by  41.8 per cent to N540 billion ($3.67 billion) in the first half of this year.

The trade volume between the two countries grew by nearly 300 per cvent since 2004 and reached the peak of $7.2 billion in 2008. This fact was disclosed by the  Chinese Ambassador to Nigeria H.E Mr. Deng Boqing  at the opening ceremony of the first Lekki Construction Machinery Equipment Exhibition.

Boqing stressed that Nigeria is the second largest trading partner and second largest export market in Africa which means that the scope and scale of bilateral economic cooperation have been continuously expanded and developed.

The Ambassador also said that export from Nigeria to China has been on the rise for two consecutive years, and in particular the value soared to $702 million by the end of June  2010, representing an increase of 324 per cent. This he said showed that with growth in both quality and quantity, trade between China and Nigeria has entered a new phase of development.

According to him “Mutually beneficial cooperation between the business communities has yielded more fruitful results. With the support of favorable polices from both governments, Chinese companies established in Nigerian businesses since early 1980s.”

He further stated “The sectors  involved include Petroleum, Free Zone Projects, Iron and Steel, Manufacturing, Agriculture, Fishery, Pharmacy, etc. According to the statistics from the Chinese embassy, as of the end of June 2010, the accumulated investment made by Chinese enterprises in Nigeria amounted to $7.5 billion. Over 40 thousand Nigerians work in Chinese business communities”

Boqing  reiterated that being one of the important measures of the Beijing Summit of the Forum on China-Africa Cooperation, China has been working in close cooperated with Nigeria to establish and develop the Lekki Free Zone since 2006.

“To date, the Lekki Free Zone has finished its initial infrastructure construction, attracted over 60 Chinese companies to invest in the zone, and has wide acknowledgment and good reputation in China. In the 4th Ministerial Conference of the Forum on China_Africa Cooperation November 2009, China and African countries further reached a consensus to deepen the cooperation on the establishment of business zones in Africa”.

The Lagos State Governor who was represented by his deputy, Princess Sarah Sosan, noted that the ongoing reconstruction of the Lekki_Epe Expressway will be a precursor to the coastal highway that would link Lagos with other southern parts of the country. He said that  the construction will open the entire Ibeju_Lekki_Epe axis to trade, commerce and bring about  physical development.
While referring to the development of this area, the Governor noted that the Lekki Free Zone is important not only for its economic potentials and job creation opportunities but also for the challenge it throws to Africans.

“All other regions have successfully done this. Lagos has taken the responsibility to lead Nigeria and Africa’s challenge. I am happy to say that we have done well thus far; but a lot more needs to be done. The credit for this success is certainly not mine. It belongs to the visionaries of the previous administration who handed over this lofty legacy.” he said  He added

“The credit  belongs to the land owners of Lekki who shared this vision. It also belongs to the Obas, bales, families and people of Lekki region who have supported the implementation of this project; and to our development partners in the private sector as well as the agencies of the Federal Government of Nigeria.