Nigeria tar­gets $1 bil­lion trade with Pak­istan

The Pak Banker - - NATIONAL -

Nigeria would en­hance bi­lat­eral trade with Pak­istan to US$ 1 bil­lion by the end of 2013 by en­hanc­ing in­ter­ac­tion be­tween busi­ness com­mu­ni­ties of both the coun­tries.This was stated by High Com­mis­sioner of Nigeria to Pak­istan, H.E.Dauda Dan­ladi Mni while ad­dress­ing busi­ness com­mu­nity at Is­lam­abad Cham­ber of Com­merce and In­dus­try (ICCI).

He at­tached great im­por­tance to boost eco­nomic in­ter­ac­tion with the government of Pak­istan, par­tic­u­larly the busi­ness com­mu­nity, said a state­ment is­sued by ICCI on Fri­day.

High Com­mis­sioner said that Nige­rian econ­omy largely de­pen­dent on oil which ac­counts 40 per cent of coun­try's GDP, 90 per cent of its ex­port rev­enue and 80 per cent of government's bud­get. He said that Nigeria is amongst the Africa's 10th largest economies that con­trib­ute 77 per cent of Africa's GDP.

He said that in or­der to boost for­eign in­vest­ment, Nige­rian government cre­ated free zone in its ter­ri­to­ries to favour for­eign in­vest­ments as no cus­tom duty ap­pli­ca­ble within the free zone. Dauda said that trade with Nigeria is also quite ben­e­fi­cial for Pak­istan as Nigeria can serve as a win­dow of busi­ness op­por­tu­nity to the whole of West Africa.

He said that great op­por­tu­ni­ties are be­ing ex­plored by the Nige­rian High Com­mis­sion in the area of Agri­cul­tural ma­chin­ery like trac­tors, Phar­ma­ceu­ti­cal and ex­port of gar­ments in­clud­ing elec­tromed­i­cal ap­pa­ra­tus to Nigeria from Pak­istan.He fur­ther said that Nigeria of­fers great in­vest­ment op­por­tu­ni­ties to Pak­istan in a num­ber of ar­eas in­clud­ing oil and gas, min­er­als and min­ing, agri­cul­ture and live­stock, poul­try and fish­eries.

Speak­ing on the oc­ca­sion, Pres­i­dent ICCI, Za­far Bakhtawari, said that Pak­istan and Nigeria are very im­por­tant coun­tries of Asia and Africa with very strong po­ten­tial to rise and lead their re­spec­tive re­gions but un­for­tu­nately both coun­tries have been fac­ing is­sues which could be solved by de­vis­ing a com­mon strat­egy.

Bakhtawari said that Pak­istan want to en­hance its trade and eco­nomic re­la­tion with Nigeria, there­fore both the coun­tries must prac­tice lib­eral visa pol­icy and grant mul­ti­ple visa of at least 5 years to busi­ness­men of Nigeria and Pak­istan so that they could visit each other's coun­try freely and en­hance their mu­tual re­la­tions.

The ICCI Pres­i­dent also in­formed the High Com­mis­sioner of Nigeria that ICCI had planned to or­ga­nize Cap­i­tal Cham­bers Con­fer­ence of D-8 coun­tries in Is­lam­abad, aim­ing to pro­mote mu­tu­ally ben­e­fi­cial re­la­tions of Pak­istan with th­ese coun­tries.

Bakhtawari sug­gested that Pak­istan and Nigeria should es­tab­lish di­rect air link that would ul­ti­mately en­hance bi­lat­eral re­la­tions.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.