China Holds Provincial Trade Fair in Nigeria

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Last updated at: (Beijing Time) Wednesday, October 30, 2002

China Holds Provincial Trade Fair in Nigeria

Shandong China Export Commodities Exhibition Tuesday was opened here aimed at encouraging more enterprises of Shandong to participate in economic cooperation with Nigeria.

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Shandong China Export Commodities Exhibition Tuesday was opened here aimed at encouraging more enterprises of Shandong to participate in economic cooperation with Nigeria.

Speaking at the opening of the fair, Director of the Shandong Trade Delegation Liang Bo said Shandong cherishes cooperative relations with Nigeria and identifies the west African country as key trade partner in Africa.

Nineteen enterprises from Shandong have come to this four-day fair with dozens of products welcomed by Nigeria, such as buildingmaterials, household appliances, foodstuffs, tyres, domestic ceramics, sanitary ware, hardware tools, agricultural machinery, textile and clothes.

In recent years, both sides have made substantial progress in trade, investment, personnel exchange and other fields on the principle of "equality, friendship, mutual understanding and two-win," Liang said.

According to him, in 2001, the trade volume between Shandong and Nigeria was 40.8 million US dollars, while the first half of the year witnessed trade volume of 26.19 million dollars.

The director expressed optimism that the trade value between both sides will reach 60 million dollars, saying that Nigeria has become Shandong's second biggest trade partner in Africa after South Africa.

Shandong is one of key economic provinces in China and has established trade cooperation with more than 180 countries and regions. Shandong's total trade volume in 2001 reached 28.96 billion dollars, of which export stood at 18.13 billion dollars.

"I believe this exhibition will help both sides deepen understanding, strengthen friendship and boost cooperation," he added.

As the most populous country in Africa with about 120 million people, Nigeria has attracted more and more Chinese firms and individuals to do business with their Nigerian counterparts and seek for investment opportunities.

Meanwhile, the total volume of bilateral trade between China and Nigeria was 860 million dollars in 2000, and the figure went up to 1.144 billion dollars in 2001 when Nigeria has become the third trade partner of China in Africa after South Africa and the Sudan.

According to the Economic and Commercial Office of China's Embassy in Nigeria, the value of export to Nigeria reached 664.48 million dollars in the first 8 months of this year, representing a14 percent increase over the same period of last year.

Now the sum of bilateral trade between China and Nigeria accounts for more than 15 percent of the trade value between Chinaand Africa.

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