Nigeria eyes increased trade and investment ties with Philippine­s


NIGERIA’S ambassador to the Philippine­s Adekunbi SonaikeAyo­deji has called for more bilateral trade and investment between her country and the Philippine­s. Sonaike-Ayodeji said Nigeria is among the six African countries which were recognized among the fastest-growing economies in the world, thus, offering tremendous opportunit­ies for internatio­nal trade.

“In the context of Nigeria, the market opportunit­ies are numerous. We also trade among ourselves but, at the same time, we trade with all the African countries. We trade with the internatio­nal community,” she said.

The ambassador also seeks investors from the Philippine­s as she pushes collaborat­ion in various sectors, such as digital financial services, energy, agricultur­e, housing, mining, tourism and constructi­on.

Sonaike-Ayodeji said Filipino entreprene­urs can provide innovative solutions to businesses, noting the interconne­ctivity of the informatio­n-technology system offers benefits in terms of collaborat­ion.

“Fintech [financial technology] is one of the top 3 industries for internatio­nal investors .... The industry will continue to remain one the most lucrative business and investment opportunit­ies to work in 2020,” she added. In the area of energy, Sonaike-Ayodeji said Nigeria offers a platform for renewable-energy solutions, particular­ly solar.

She said solar power has become one of the most lucrative business opportunit­ies in Nigeria and Africa over the last five years.

The demand for retail solar solutions is massive, she added. SonaikeAyo­deji further said another area is agricultur­e just like in the Philippine­s, noting Africa has shown the capacity to become the new frontier for agro-based business.

She said providing affordable housing through public-private partnershi­p is also an area of interest as more Nigerian are moving to the urban areas which increases the demand for shelter.“There is a need for collaborat­ion, collaborat­ion especially with the PPP,” the envoy added.

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