The Chinese Ambassador to Nigeria, Ambassador Cui Jianchun, has said that the trade volume between his country and Nigeria was $20bn in 2020 despite the coronavirus pandemic. During the period, the envoy explained, China’s GDP also grew to $15.7tn from $10.5bn in 1952.
 
Addressing a news conference in Abuja on Tuesday to mark the moon festival, one of the most important traditional holidays in China, Jianchun disclosed that Chinese firms and nationals had donated cash and materials valued at N3bn to Nigeria as COVID-19 support…
 
More details through:
https://punchng.com/nigeria-china-trade-volume-tops-20bn/

Nigeria spends about $20 billion on imports of machinery, chemicals and other goods from Taiwan annually. The Economic Consular of the Taipei Trade Office in Nigeria, Chia-Jung Mai, said this on the side-line of the Taiwan Halal Expo held yesterday in Abuja as part of the ongoing Halal Trade Expo organised by the Abuja Chamber of Commerce and Industry (ACCI).
 
“Most of the items are material imports like industrial products like injection machines, machinery, chemicals, and raw materials,” she said. Mai said Nigeria exports about $0.8bn goods to Taiwan and the exports include natural gas, petroleum, and raw materials. The envoy said the Taiwanese Ministry of Economic Affairs has been working to strengthen the bilateral relationship between Taiwan and Nigeria.
 
“The trade amount between us has been increasing about 100 percent last year. We can see that even during COVID-19, the trading between Taiwan and Nigeria still goes on and we look forward to prosperous results in the future,” she said…
 
More details through:
https://dailytrust.com/nigeria-imports-20bn-machineries-others-from-taiwan-annually
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Nigeria’s total foreign trade rose to N12 trillion in the second quarter of 2021 as the country recorded increase in exports, the National Bureau of Statistics has said.
 
The figure represents a 23.28 per cent increase over the value (N9.8 trillion) recorded in the first quarter of 2021 and an 88.71 per cent increase compared to the second quarter of 2020.
 
“This increase resulted from the sharp increase in export value during the quarter under review,” it said…
 
More details through:
https://www.premiumtimesng.com/news/top-news/483301-nigerias-foreign-trade-rises-23-28-in-second-quarter.html
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Nigeria has imported a total of N34.7 billion ($69.39 million) Mackerel fish from Japan between 2019 and June 2021 despite tight import restriction by the Federal Government. Frozen Mackerel exports were fairly steady in the first half of the year as Nigerian importers abandoned Norway and shifted to Japan’s Mackerel species, which is far cheaper.
 
The H1’21 export value of JPY 1.5 billion ($13 million, €11 million) was 13 per cent higher than the corresponding period in 2020 and up just one per cent from that of 2019. Data obtained from International Trade Statistics (ITS) indicated that Japan had overtaken Norway by 73.87 per cent since 2018 on fish export to Nigeria.
 
The data revealed that Japan’s fish exports to Nigeria rose from $1.04 million or 2.14 per cent in 2016 to $48.62 million (97.8 per cent) in 2018. Its export to Nigeria in 2017 was $28.57 million. It was gathered that Pacific Mackerel from Japan, which was $850 per tonne, is 43 per cent cheaper than the prices of Norwegian Mackerel specie sold at $1,500 per tonne…
 
More details through:
https://www.newtelegraphng.com/nigeria-imports-n34-7bn-frozen-fish-from-japan/
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India’s volume of bilateral trade with Nigeria has reached $14 billion in the first quarter of this year, representing about a 17 per cent increase from the same period in 2020.
 
Indian High Commissioner to Nigeria, Mr Abhay Thakur, disclosed this on Sunday during the celebration of the country’s 75th Independence Day in Abuja.
 
The envoy said though the bilateral trade witnessed disruptions in 2020 due to the COVID-19 pandemic, which ravaged the global economy, the trade is back on track and even witnessing steady progress…
 
More details through:
https://dailytrust.com/nigeria-india-trade-volume-hits-14bn-in-2021-q1

The Republic of Korea, through its grant aid agency, Korea International Cooperation Agency Office in Nigeria, has signed a new project agreement worth $13m with the Ministry of Communications and Digital Economy.
 
The agreement, which was signed in Abuja on Thursday, aimed to further boost the e-government expansion and increase access in the enrolment of the National Identification Number. The KOICA Office in Nigeria said in a statement that the new agreement was for the implementation of the ‘Project for Building Foundations Towards Digital Governance in Nigeria from 2020 to 2026’…
 
More details through:
https://punchng.com/nin-enrolment-nigeria-korea-sign-13m-e-govt-project-deal/

As the high import tariff regime aimed at discouraging imports and spurring local assembly failed to achieve its purpose, 500,000 units of used vehicles valued at N575billion ($1.15billion) have been ferried to Nigeria in one year.
 
The amount is 14.37 per cent of the $8billion spent on the importation of used vehicles into the country annually. This is coming as two terminals at Tin Can Island Port- Five Stars Logistics and Port and Terminal Multi-services Limited (PTML)-are expected to take delivery of 550 units of used vehicles this week…
 
More details through:
https://www.newtelegraphng.com/nigeria-u-s-used-vehicles-trade-hits-n575bn/

Nigeria’s cocoa and derivatives export to the United States has been increasing in the last three years.
 
According to the International Trade Centre (ITC) trade map, export of cocoa beans, whole or broken, raw or roasted, alone rose from $2.058 million in 2018 to $9.307 million in 2020. Cocoa paste, whether or not defatted rose from $52,000 in 2018, dropped to $21,000 in 2019 and surged to $1.778 million last year.
 
Also, the value of cocoa butter, fat and oil exported in 2019 rose from $430,000 to $942,000 in 2020…
 
More details through:
https://thenationonlineng.net/nigerias-cocoa-export-to-u-s-rises-by-352/
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Nigeria imported $50.3 billion worth of goods last year, the International Trade Centre (ITC) has said.
 
The trade map by ITC showed that imports were  $4,417,805,000 in January, $3,685,091,000 in February; $4,165,950,000 in March; $2,954,555,000 in April; $3,493,388,000 in May; $4,368,600,000 in June and $4,719,912,000 in July. Total imports stood $4,882,743,000 in August, $4,580,307,000 in September; $4,678,286,000 in October; $6,345,452,000 in November and $4,672,057,000 in December.
 
Goods imported included, machinery, mechanical appliances, nuclear reactors, boilers and parts; vehicles other than railway or tramway rolling stock, and parts and accessories; electrical machinery and equipment and parts; sound recorders and reproducers, television; plastics and articles; pharmaceutical products; cereals; mineral fuels, mineral oils and products of their distillation; fish and crustaceans, molluscs and other aquatic invertebrates; optical, photographic, cinematographic, measuring, checking, precision, medical or surgical and sugars and sugar confectionery….
 
More details through:
https://thenationonlineng.net/nigeria-imported-50-3b-goods-in-2020/
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The Trade Commissioner for Africa, United Kingdom Department for International Trade (UKID), Emma Wade-Smith, has stated that the trade volume between Nigeria and the United Kingdom has hit over £3.5 billion in 2020.
She however expressed the need for all hands to be on deck to improve the business environment of both countries to enhance bilateral ties.
 
Besides, other stakeholders advocated the need to leverage the diaspora market to increase bilateral ties between the two countries…
 
More details through:
https://guardian.ng/business-services/fg-moves-to-deepen-3-5bn-ties-with-uk-via-diaspora-market/
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