China has indicated interest in increasing Nigeria’s oil export to its country, the Chinese Embassy has revealed.
In a interview with News Agency of Nigeria, Zao LingXiang who is the Economic and Commercial Consellor of the Chinese Embassy said companies in China want to export more crude oil from Nigeria.
“In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria.
“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.
“Right now, the Nigerian government is trying to diversify its economy which is fully in line with the 10 China-Africa cooperation plans announced at the summit on China-Africa trade in Johannesburg in 2015. “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.
The total amount of export to China was only about one million barrels in 2015, which was just 1.3 per cent of Nigerian annual oil export. He said current trade volume between both countries stood at $14.94 billion in 2014, making Nigeria third largest trade partner of China in Africa.