The exponential growth rate of Chinese economic links with Africa has reached a new height as report by Oxford Business Group (OBG) has revealed that China accounts for roughly 25 per cent of Nigeria’s inbound Foreign Direct Investment (FDI), equivalent to roughly $6.1billion (N988.2 billion).
Oxford Business Group is a global publishing and consultancy company producing annual investment and economic reports on more than 30 countries.
Also, recent data released by the National Bureau of Statistics (NBS), showed that China was the country’s second largest source of imports for the first six months of 2011.
“About N737 billion ($4.57 billion) of goods entered Nigeria from the Asian giant during the first two quarters of the year, equivalent to about 11 per cent of total imports. Exports to China for the same period were smaller, at N390 billion ($2.42 billion), or about 6 per cent of the total. Nonetheless, China was overall the second-largest trade partner for Nigeria during the first two quarters of 2011, second only to the United States,” NBS reported.
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Though the NBS did not report individual categories of imports by country, then Minister of Commerce and Industry, Mr. Jubril Martins Kuye, had last year told newsmen that Nigeria primarily imports mechanical, electronic, textile and light industrial products from China, while goods flowing in the opposite direction include agricultural products, minerals and textile raw materials.