Nigeria trade relations with Bangladesh top $145m in 2020

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By Victoria Ojeme Nigeria’s trade relation with the Republic of Bangladesh this season is nearly $145 million, a modest rise from $11.27 million this past year. Minister of Trade, Industry and Investment, Otunba Adeniyi Adebayo disclosed this at the inauguration of the Commercial Display Room of the Bangladesh High Commission in Abuja, weekend.

The Special Assistant to the Minister, Ifedayo Sayo in a statement in Abuja, Sunday said the minister needed an enhancement of bilateral trade between Nigeria and the People’s Republic of Bangladesh. According to the Minister, “the two-way trade between the two countries have increased from US$11.27 million in Year 2018/2019 to US$144.75 million in 2019/2020.”

The Minister noted there are huge potentials for strengthening trade and financial relations between your two countries, which includes largely remained unutilized. “Nigeria under the visionary leadership of President Muhammadu Buhari enjoys a respectful place in the world, and it has recently become the major economy in Africa. 

Nigeria has taken a series of steps to diversify its export basket as an excessive amount of dependence on its oil revenue can't be a viable option. “I fully trust what the Hon Commerce Minister of Bangladesh has just said. There are huge potentials for strengthening trade and financial relations between Bangladesh and Nigeria which remain largely unutilized,” he said. 

On the launching of the commercial display room at the mission, he described it as an innovative idea to showcase export potentials of any country in a foreign land. “He said, “I am impressed to start to see the wide and wonderful collections of the exportable of Bangladesh in beautifully designed and tastefully decorated shelves. “I've no doubt that the display room will go quite a distance to have a sense about the export potentials of Bangladesh and the investment climate in the united states.

 “We will also be happy to explore increased imports from Bangladesh while Bangladesh may like to consider importing products like oil and cotton, cashew nuts, among others from Nigeria. “We know about Bangladesh’s unique position being the second major exporter of ready-made garments on earth, only after China, and we invite Bangladesh’s potential investors to come and invest jointly in Nigeria, in the sectors like textile/pharmaceutical/ceramics, jute etc. in the various industrial zones that we are setting up in Nigeria. 

He lauded the members of the Nigeria-Bangladesh Chamber of Commerce NBCC and the Nigeria-Bangladesh Business and Technology Forum launched at the event saying both organisations will complement government’s efforts for more powerful commercial and financial relations between the two countries.

Source: https://www.vanguardngr.com

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