the CNOOC purchased a share for $2.3 billion in an oil exploration block owned by a former defence minister. China has also pledged to invest $267 million to build the Lekki free trade zone near Lagos. However, the "flooding" of Nigerian markets with cheap Chinese goods has become a sensitive political issue, as – combined with the importation of second-hand European products – it has adversely affected domestic industries, especially in textiles, and led to the closure of 65 textile mills and the laying-off of 150,000 textile workers over the course of a decade. Nigerian militants have also threatened to attack Chinese workers and projects in the Niger Delta. In 2010, trade between the two countries was worth US$7.8 billion. In 2011, Nigeria was the 4th largest trading partner of China in Africa and in the first 8 months of 2012, it was the 3rd. In April 2018, Nigeria signed a $2.4-billion currency swap deal valid for 3 years. In 2019, bilateral trade between China and Nigeria reached $19.27 billion. Chinese development finance to Nigeria From 2000 to 2011, there were approximately 40 Chinese official development finance projects identified in Nigeria through various media reports. These projects ranged from a $2.5 billion loan for Nigerian rail, power, or telecommunications projects in 2008, to an MoU for $1 billion for the construction of houses and water supply in Abuja in 2009, and several rail networks. Since 2000, trade relations have risen exponentially. There has been an increase in total trade of over 10,384 million dollars between the two nations from 2000 to 2016. However, the structure of the China-Nigerian trade relationship has become a major political issue because Chinese exports accounted for around 80 percent of total bilateral trade volumes. This has resulted in a serious trade imbalance with Nigeria importing ten times more than it exports to China. Nigeria's economy is becoming over-reliant on cheap foreign imports to sustain itself, resulting in a clear decline in Nigerian Industry under such arrangements. In September 2018, Nigeria signed a $328 million loan with China to heavily boost the development of telecommunication infrastructures in Nigeria. China provided the financing for the following projects in Nigeria: Abuja-Kaduna Railway, Abuja Metro Light Rail, Abuja and Port Harcourt Airport terminals Lekki Free Trade Zones, Ogun – Guangdong Zungeru Hydro Power Dam University of Transportation, Daura In exchange, Nigeria often/systematically hires a Chinese firm to oversee its