Chinese product manufacturers are turning to Nigeria and other emerging markets as a lifeline amid the trade war with the United States.
The imposition of high tariffs on Chinese goods by US President Donald Trump has severely impacted Chinese businesses, with many US orders either delayed or canceled.
According to a survey, 60-70% of Conmo Electronic Co’s business comes from American clients, and the company is struggling to cope with the new tariffs.
However, some Chinese companies are finding success in Nigeria, where trade between the two countries has reached an all-time high.
Zealot, a Chinese speaker maker, is one such company that has found a thriving market in Nigeria.
After an unexpected success in 2015 with an all-in-one speaker, power bank, and emergency flashlight, Zealot’s market in Nigeria is now twice as big as its US market, accounting for 40% of total sales.
The bilateral trade between Nigeria and China reached $15.1 billion between January and September 2024, with China’s imports from Nigeria increasing by 36.1% year-on-year.
China’s exports to Nigeria are diverse, with a focus on manufactured goods, particularly electrical and electronic equipment, machinery, and vehicles.
As the trade war between the US and China continues, emerging markets like Nigeria are becoming increasingly important for Chinese businesses looking to diversify their exports and mitigate the impact of tariffs.
