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The Lagos Chamber of Commerce and industry (LCCI) and the Manufacturers Association of Nigeria (MAN) are optimistic that the collaboration with China Foreign Trade Centre will bridge the bilateral trade deficit of about $18 billion through the promotion of manufactured exports.
They expressed their views yesterday during the 137th Canton Fair Lagos Promotion seminar organised by the chamber ahead of the trade event scheduled for April 2025 in China.
President of MAN, Francis Meshioye said the fair represents a symbol of shared commitment to fostering economic cooperation, a testament to the endless opportunities and another milestone in the history of Nigeria-China trade relations.
A cursory look at the China-Nigeria trade relations revealed that the bilateral trade between both nations declined by 11.5 percent from $22.6 billion in 2023 to $20 billion in 2024, Meshioye said. “I am therefore hopeful that this landmark event and by extension the fair would be repositioned to unlock the numerous untapped potentials of the existing partnership between Nigeria and China.” He noted that the event will would become a strategic trade collaboration aimed at strengthening cooperation, upscaling innovation and more importantly deepening shared commitment to enhance industrial development in Nigeria.
“I believe that when mutually beneficial collaborations and cooperation become the focus going forward, the fair would become the game changer that will support manufacturing export and drive the bilateral trade from the current 6.8 percent to 15 percent of Chinese trade with Africa.
Th MAN boss promised that the association was ready to strengthen ties with the Chinese Import and Export Trade Centre, leveraging each other’s strength to drive industrialization and economic development.
“As China’s second largest trading partner in Africa, Nigeria recognizes your remarkable progress in industrialization and emergence as the global leader in trade and commerce. Therefore, we are highly elated that the Canton Fair provides an avenue to fortify the existing trade relationship.
“MAN’s objective in this trade fair is to engage in insightful discussions and strong partnership that improve existing trade relations, discover new areas of synergy, seek trade assistance and services that can benefit both nations. We are particularly interested in exploring opportunities for financing options, technology transfer, capacity building, joint ventures, logistics support, infrastructure development, regulatory framework that can enhance our competitiveness in the global market and reciprocal participation in our annual Nigeria Manufacturing Equipment Expo scheduled for August 2025.”
For the LCCI president, Mr Gabriel Idahosa, the chamber has a long relationship with the Canton Fair running for many years.
According him, every year, the chamber celebrates the preparations for Nigerians going to the Canton Fair.
“We take quite a lot of Nigerians to Canton Fair for many reasons.
One, for them to see how advanced China has become in a few years and to look at the opportunities for businesses between Nigeria and China.
“Not just Nigerians buying Chinese goods, but also buying equipment to set up our factories here.
There are a lot of factories built in Nigeria with equipment from China.
So it’s also an investment visit by Nigerians to see what new business, they can invest in, buy things and also to bring technology back to Nigeria.
And every year we get new businesses set up by Nigerians as a result of visiting China,
and seeing very easy to operate machines that they can easily learn to operate even while they are visiting.
And they bring back these machines and they start very successful businesses with them.
So the conversation is about how to make more success from Nigeria’s annual visit to
the Canton Fair, the largest international fair in the world.
Deputy Consul General of Consulate-General of the People’s Republic of China in Lagos, Jin Mingyu, said the Canton Fair is the largest and the most influential international trade event in China, which serves as an important gateway for Chinese enterprises and China’s
economic and trade relations.
He said it’s a key platform for international businesses
in the development of China-Nigeria economic and trade relations and for international businesses
to explore opportunities in China.
“China and Nigeria share a highly complementary economic
and trade relationship with enormous growth potential. In recent years, the
bilateral trade cooperation has deepened continuously. Chinese machinery, electronics, building materials and other products are widely welcomed in the Nigerian market, while Nigerian agricultural and mineral products are increasingly entering the Chinese market, enriching choices for Chinese consumers.
“As China’s third-largest trading partner in Africa, Nigeria saw a total bilateral trade volume of 21.8 trillion.18.8 billion US dollars in 2024, including 18.9 billion US dollars in exports to Nigeria and 2.98 billion US dollars in imports from Nigeria.
“Notably, China’s imports from Nigeria grew by 25.2% year-on-year in 2024.
He also disclosed that visa procedures have been simplified.
“Consultations, streamlined visa procedures and communication feedback mechanism to ensure that those who are able and eligible to attend the Canton Fair can do so.
“Leading up to the two sessions of the Canton Fair in 2024, our Council significantly increased visa issuance,
with over 18,000 visas granted for travel to China,
nearly three times the number in 2023.
This promotional conference in Lagos, the economic hub of West Africa, provides Nigerian entrepreneurs and business professionals with the most direct access to information about the Canton Fair.
“It enables more Nigerian enterprises to leverage
the Canton Fair to share the vast opportunities of the Chinese market, while helping Chinese companies better understand Nigerian market demands.
“This, in turn, will elevate bilateral economic and trade cooperation to new heights.
We collectively look forward to the Canton Fair, making even greater contributions to continue to promote high-standard opening-up.
I firmly believe that through the Canton Fair as a bridge,
Chinese and Nigerian enterprises will strengthen exchange,
complement each other,
expand trade volumes,
and explore new areas of cooperation.
“Finally, we warmly welcome more Nigerian entrepreneurs to attend the Canton Fair,discover business opportunities,e xpand their mindsets,expand their markets,
and achieve success.”
The Director, Economic, Trade and Investment Department, Ministry of Foreign Affairs, Nigeria, Ambassador Bolaji Akinremi, emphasised the importance of the fair, noting that the international global trade hub will help Nigeria diversify its economy.
“It provides opportunity for us to also negotiate trade MOUs and all other activities to deepen our relations with China.
“As we have now upscaled to comprehensive strategic partnership, we need to begin the practical step.
This is why for the first time the Ministry of Foreign Affairs is joining in the promotion seminar.
“What we are trying to do is to create the awareness and to guide Nigerians
To go there purposefully, with intention and also to assure them that the Chinese have assured us that visa processes have been simplified and so there will be no need for racketing or going in an obnoxious way, but to go throug the right way.
He commended the chamber for taking this bold step.
“You see, it’s an association at a sub-regional level that is actually punching beyond its weight.
It’s reaching out to us in the foreign ministry, it’s reaching out to diplomatic missions,it’s reaching out to international community.
It shows focus and leadership.
It’s a very important step.
And we commend Sir Idahosa and his team for the good job they are doing.
It’s not surprising that this is what Lagos is putting together.
I’ve flown in all the way from Abuja and my minister has given very clear directive that
Nigerians shouldn’t go to Canton fair and promote the non-oil exports.
Number three, there should be effective networking.
Number four, our missions in Guangzhou, in Shanghai, in Beijing, in Hong Kong, they are
all ready to assist.
Therefore, no Nigerians should go unprepared.
We are willing and able to assist you.
Nigerians can be well informed.
I think all of this give credit to President Ahmed Bola Tinubu’s economic reform is generating so much positive results.
And I hope you will also be part of this team.”
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