Nigeria has has called for the establishment of more banking channels to facilitate bilateral trade between Pakistan and Nigeria.
On Monday, the High Commissioner (HC) of Nigeria Abioye Muhammed Bello visited the Lahore Chambers of Commerce and Industry (LCCI) and addressed trade promotion between Pakistan and Nigeria.
On the occasion, LCCI President Mian Tariq Misbah delivered the welcome address while Vice President Tahir Manzoor Chaudhry, Nigerian Counselor Oluwatoyin Orukpe and Minister Mohammed Goni also addressed the gathering.
HC said that trade and investment opportunities in the pharmaceuticals, information technology, construction and textile sectors of the both countries could be subjugated through joint ventures.
He said, “The High of Nigeria Commission will work closely with the businessmen of the both countries for joint planning and we must move forward to promote bilateral trade and economic relations. Awareness of trade and investment opportunities is very important. In addition, both of the countries should exchange lists of businessmen according to the sectors and both countries should take full advantage of each other’s best geography.”
In his speech, LCCI President said that Nigeria and Pakistan have close ties and both countries are important members of the OIC and the Commonwealth.
“The Lahore Chamber has been emphasizing the need to take advantage of trade and investment opportunities in the African continent. Nigeria’s role in the African region is significant as it is Africa’s largest economy. Bilateral trade volume was 307 million dollars in 2019, which decreased to 146 million dollars in 2020.”
He added, “By boosting cooperation in the fields of pharmaceuticals, light engineering products, surgical instruments, sports equipment and valued textiles and automotive parts, bilateral trade could reach 1 billion dollar. In addition to these areas, there are vast opportunities for joint planning in the fields of oil, gas, agricultural technology and renewable energy for both countries.” Misbah said.