Celebrating a One-Way Trade: Nigeria’s $20 Billion Deficit in China Deal

 As Nigerians eagerly celebrate the $20 billion trade volume between Nigeria and China in 2024, they might want to take a closer look at the numbers. While the announcement of this impressive figure is met with much fanfare, it’s crucial to understand the full picture: Nigeria doesn't actually export any significant commodities to China. This trade is nothing more than a one-way street, with China being the sole benefactor.

The announcement, made by the Chinese Ambassador to Nigeria, Yu Dunhai, at the 2025 Chinese Lunar New Year celebration, touted Nigeria's growing importance as a trade partner for China, highlighting the $20 billion trade volume. Ambassador Yu described Nigeria as China's largest engineering contract partner and the second-largest export market in Africa. "We aim to increase our trade volume even higher because of the immense potential we see in Nigeria," Yu said, clearly optimistic about future deals.

But here's where the narrative falls apart. Despite this glowing trade volume, Nigeria has nothing to show for it. While China continues to ship goods into Nigeria, the country isn't exporting anything meaningful in return. The Nigerian government, perhaps knowing how ridiculous this looks, should be forced to publish the actual trade commodities of 2024 to prove that there's anything substantial on Nigeria's end.

And if there are any exports coming out of Nigeria, it’s a meager shipment of natural resources and commodities, mostly for the benefit of people living in China. In other words,

So, why are Nigerians celebrating? Why are the government officials toasting to this apparent "achievement" when it essentially means that Nigeria is accumulating a massive $20 billion deficit? The truth is that China is laughing all the way to the bank, while Nigeria gets played as a passive consumer.

Even worse, the Nigerian government, in its eagerness to maintain this "strategic partnership" with China, has managed to make themselves look even more foolish. Instead of negotiating favorable terms or pushing for any real exports, they are allowing Nigeria to become a dumping ground for Chinese goods. The real question should be: Why are Nigerian officials so eager to celebrate a trade deal where only one party wins, and the other loses out?

It’s time for Nigerians to wake up to the reality that they’re being taken for a ride. The government should stop pretending this trade deal is a victory and instead focus on how to balance the scales in their favor. Until then, celebrating a $20 billion trade deal that does nothing for Nigeria is just plain absurd.