Nigeria targets $1 billion trade with Pakistan
Nigeria would enhance bilateral trade with Pakistan to US$ 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.