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.