Nigeria-Singapore trade volume peaked N846bn in four years
The volume of trade between Nigeria and Singapore from 2011 to 2015 peaked at N846 billion, the Minister of Finance, Mrs. Kemi Adeosun has said.
She gave the figures yesterday in Abuja during the signing of the agreement on avoidance of double taxation between Nigeria and Singapore. The agreement was signed by the Minister on behalf of Nigeria and the Singaporean Senior Minister of State for Trade and Investment, Dr. Koh Poh Koon signed on behalf of the Singaporean government.
She said the absolute balance of trade was N222 billion in favour of Nigeria and balance of trade net of petroleum export stood at N42 billion in favour of Singapore.
She also said that the volume of Foreign Direct Investment (FDI) from Singapore to Nigeria between 2010 and March 2015 was $908.8 Million.
According to her, the possible areas of economic cooperation between Nigeria and Singapore include consumer electronics, information technology products, pharmaceuticals and medical technology products, and financial services, among others.