Business

China’s Imports From Nigeria Rise 22.5% In Q3’23 – Chinese Consul General

Published

2 years ago

December 27, 2023

Editor

Chinese Consul General in Lagos, Ms. Yan Yuqing

The People’s Republic of China imports from Nigeria rose by 25 percent in the third quarter of 2023.

This according to stakeholders is an indication of positive bilateral trade between both countries.

This came even as the Chinese Consul General in Lagos, Ms. Yan Yuqing, reinstated that China’s firmly supports African countries in exploring development paths, and cooperation in poverty reduction, and promotion of modernization of agriculture.

In a statement made available to Vanguard, Yuqing said: “China and Nigeria have built nice cooperation mechanism, broad cooperation platform, while practical cooperation in various fields are deepening and expanding.

Exciting results have been achieved in economic and trade cooperation.

“In the first three quarters of 2023, China-Nigeria bilateral trade reached USD 17.25 billion, and China’s imports from Nigeria increased by 22.5 per cent.

“With the opening of Lekki Deep Sea Port and the first phase of Lagos Blue Line Light Railway constructed by Chinese enterprises, economic and social development in Nigeria is being promoted.”

She noted that the Consulate General of the People’s Republic of China in Lagos, would like to extend sincere New Year wishes to friends from all walks of life in the consular area at this wonderful moment.

She said: “I would like to express my heartfelt thanks to you all for great contributions to the development of China-Africa, and China-Nigeria relations!

“2023 bears historical significance for the development of China-Africa relations, marking the 10th anniversary of President Xi Jinping’s proposal to promote the concept of building a Global Community of Shared Future, the Belt and Road Initiative (BRI), and the principles guiding China’s Africa policy, including sincerity, real results, amity and good faith.

“We work together with our African friends and draw strength from the China-Africa friendship and cooperation.

“Since 2013, China has helped construct more than 6,000 km of railways, 6,000km of roads and 80 large-scale power facilities in Africa. A series of landmark projects keep emerging one after another, such as the Mombasa–Nairobi Railway, Nigeria’s Lekki Deep Sea Port and the headquarters of the African Center for Disease Control and Prevention (CDC).

“Chinese enterprises have built more than half of the wireless stations and high-speed mobile broadband networks in Africa, laying more than 200,000 km of optical fiber and serving more than 900 million African people.

“China is Africa’s largest trading partner, contributing more than 20 percent to Africa’s economic growth, by 2022, China-Africa trade reached $282 billion, accounting for 20 percent of Africa’s total foreign trade.

“China’s FDI stock in Africa exceeds $47 billion, 1.8 times the 2013 figure.

“China firmly supports African countries in exploring development paths suited to their own conditions, cooperates with African countries in poverty reduction, and promotes the modernization of African agriculture. China has built more than a dozen of Luban workshops in Africa, vigorously promoting the development and innovation of vocational education in Africa.

“China has built 25 economic and trade cooperation zones with Nigeria and other African countries to promote industrialization in Africa. China also supports Africa in implementing the United Nations 2030 Agenda for Sustainable Development, works for a synergy between the BRI and Agenda 2063 of the African Union and the development strategies of various countries.

“These efforts bring us into a new phase of building a high-level China-Africa community with a shared future. 2023 is a year of in-depth development of China-Nigeria relationship.”

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

20 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.