Nige­ria-Sin­ga­pore trade vol­ume peaked N846bn in four years

Daily Trust - - BUSINESS - By Chris Agabi

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.

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