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China Seeks More Crude Oil Imports From Nigeria

China Seeks More Crude Oil Imports From Nigeria
March 15
04:16 2016

China has said it seeks more crude oil exports from Nigeria in spite of the recent changes in oil prices. Economic and Commercial Counsellor of the Chinese Embassy in Nigeria, Mr Zao LingXiang, made the disclosure in an interview with the News Agency of Nigeria (NAN) in Abuja. “But the total amount of export to China was only about one million barrels in 2015 that was just 1.3 per cent of Nigerian annual oil export.

“In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria,” he said. He said that current trade volume between both countries stood at $14.94 billion in 2014 making Nigeria third largest trade partner of China in Africa.

The economic counsellor added that Nigeria’s trade figure was 8.3 per cent of China’s total trade volume with Africa and 42 per cent of the total trade volume between China and Africa. He said that China also sought to explore other areas of cooperation with Nigeria which he noted would be of benefit to both parties.

“China is the largest developing country in the world and Nigeria is the largest developing country in Africa and both countries have complementary advantages in natural and human resources, funds and markets. “There are great potential for cooperation between China and Nigeria in the fields of industrialisation, agricultural modernisation, infrastructure construction, financial services, trade and investment facilitation, among others,” he said.

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Jide Adesina

Jide Adesina

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