Nigeria’s imports from China more than doubled in 2024, hitting N14.15tn, up from N6.6tn in 2023, according to new figures released by the National Bureau of Statistics.
The data, captured in the NBS’s latest Foreign Trade Statistics report, showed a 114.3 per cent rise year-on-year, reinforcing China’s position as Nigeria’s largest import trading partner.
On the export side, Nigeria’s goods shipped to China rose to N2.99tn in 2024, up from N891.38bn in the previous year, representing a 236 per cent increase.
Despite this growth, China ranked seventh among Nigeria’s top export destinations, reflecting a continued trade imbalance.
Overall, bilateral trade between both countries jumped by 128.8 per cent, from N7.49tn in 2023 to N17.14tn in 2024.
However, with imports accounting for over 82.5 per cent of total trade, Nigeria maintained a significant trade deficit.
A breakdown of imports revealed a dominance of industrial and technology-related goods.
Top imports included photovoltaic cells (N228.99bn), internal combustion engines and electric motors (N121.15bn), and communication equipment (N114.43bn).
Other imports ranged from buses (N96.48bn) and air conditioners (N77.57bn) to chemical materials like glutamic acid (N48.57bn) and kaolin clays (N3.65bn).
Analysts say the sharp rise in photovoltaic cell imports points to Nigeria’s growing interest in solar and off-grid energy solutions amid persistent electricity challenges.
In contrast, Nigeria’s exports to China remained heavily reliant on raw materials.
Sesame seeds led the list at N96.71bn, followed by cathodes (N14.28bn), aluminium alloys (N9.28bn), and tin ores (N9.95bn). Other raw material exports included zinc, lead, and natural rubber.
The imbalance in trade, analysts warn, underscores the need for Nigeria to industrialise its economy and expand its base of value-added exports.
Despite the uneven trade relationship, diplomatic ties between both nations continue to grow. In 2024, Nigeria and China renewed a 15 billion yuan ($2bn) currency-swap agreement aimed at enhancing trade and encouraging use of the yuan and naira in transactions.
China’s Ambassador to Nigeria, Yu Dunhai, also confirmed that trade between both countries exceeded $20bn in 2024, promising stronger cooperation going forward.
While China remains Nigeria’s top source of imports, it still trails countries like Spain, India, and the Netherlands as a buyer of Nigerian goods.
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