The world’s second largest oil consumer, China, says it would need more crude imports from Nigeria despite recent changes in global prices.
This is according to the Economic and Commercial Counsellor of the Chinese Embassy, Zao Lingxiang.
Mr Linxiang said that despite Iran’s entry into the oil market, Chinese companies want to the country to export more of the black gold.
He said Nigeria’s total crude export to China was only about one million barrels in 2015, which was just 1.3% of annual oil export.
Nigeria’s current trade volume between both countries stood at $14.94 billion in 2014, making it China’s third largest trade partner in Africa.
Meanwhile, China’s economy faces tougher times ahead following a slowdown in industrial output.
According to government data, industrial output has slowed to its weakest growth since the financial crisis, prompting concerns over the global recovery.
Production rose by 5.4% in January and February which is the worst since 2008.
Recent data revealed that Chinese exports fell 25.4% in February compared with the same month in 2015.
It was the biggest monthly decline since 2009, and ahead of the 11.2% fall recorded in January.
Retail sales in the first two months of the year grew by 10.2% – below analysts’ expectations of a 10.9% rise.
China is trying to refocus its economy from investment and export-led growth to consumer spending.
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