The Nation Newspaper

Tag: bilateral trade

  • Nigeria, Iran bilateral trade volume hits $50m

    The trade volume between Nigeria and Iran is estimated at $50 million annuallyand it is poised to rise in coming months as both countries deepen trade relations.

    Speaking ahead of the first Iran Solo Exhibition holding from June 9 to 11, in Lagos, the Iran Ambassador to Nigeria, Saeed Koozechi, said despite sanctions by Western countries on his country, it is determined to boost its trade relations to leading global economies such as Nigeria.

    He said Iran is the second largest economy in the Middle East and North Africa region, with an estimated 77.3 million population.

    “Iran is the 18th largest country in the world, with an area of 1.64 million kilometer square. The economy is characterised by a large hydrocarbon sector, small scale agriculture and services sector. We also have a noticeable state presence in manufacturing and financial services,” he said.

    Koozechi said Iran ranks second globally in natural gas reserves and fourth in proven crude oil reserves.

    He said the exhibition holding at the Landmark Centre in Lagos, is an opportunity for big Iranian companies to gather in one roof to showcase their services to Nigerians.

    He said: “The capabilities of Iran are not recognised in Nigeria but the exhibition will introduce our economy. Also, Nigeria and Iran will both reap the benefits of the exercise”.

    The Ambassador said Iran manufactures 1.5 million cars annually, adding that the exhibition will create opportunity for Iranian companies to build spare parts factories in Nigeria.

    He said Iranian companies are advanced in technology with good knowledge of oil and gas exploration, refinery building, electrical engineering, transformer production, steel production. He said Iranian firms can also build helicopters and repair airplanes.

    Some of the Iranian companies expected at the event include Iran Transfo Commercial Company, which sells and markets transformers, artin taps which manufactures sanitary products, Kabir Panel Co which manufactures sandwich panels, Novin Ceram Co which deals on tiles and ceramics among others.

    Vice President, Abuja Chamber of Commerce and Industry, Mrs Dipe Fisho-Oridedi said the group wants better business collaboration between Nigeria and Iran.

    She said Nigeria has wider market, and remains the biggest economy in Africa. She said trade collaborations between both countries will boost the economy and create more jobs for the people.

  • Nigeria, Cote d’Ivoire to improve bilateral trade

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has expressed confidence on the initiative and willingness of Cote d’Ivoire business community to partner with their Nigerian counterparts.

    The Second Deputy National President, Association, Alaba Lawson,  made this known during a courtesy visit on NACCIMA by the Cote d’Ivoire Ambassador to Nigeria and Benin Republic, Mrs. Toure Kone Maman.

    Lawson, who praised Cote d’Ivoire on its giant strides in agriculture, explained that the business environment, like any other developing countries, has tremendously improved with numerous opportunities in agriculture, oil andgas, telecommunication and power.

    She therefore called on the Ambassador to sensitise her country’s businessmen and women through the Chamber of Commerce platform to visit Nigeria in order to explore areas of partnership and possible investment.

    Maman reiterated Cote d’Ivoire’s commitment to building partnership with Nigeria as a big brother, especially in  agriculture and trading between the two countries.

    The Ambassador, who recalled the state visit of President Goodluck Jonathan to Cote d’Ivoire in 2013, said a Memorandum of Understanding for Joint Commission and Seven Agreements were signed by the two countries during the visit.

    Maman said she was at the NACCIMA Secretariat to share her country’s progress in cocoa, cashew and coffee production as well as enlist NACCIMA’s support and participation in their forthcoming ‘SARA’ Agriculture Exhibition scheduled for next month in Abidjan.

    She noted that her country has  created a window for registration of businesses and reduced tax from 35 per cent to 25 per cent.

     

  • Nigeria, Latvia hold talks on bilateral trade

    Nigeria, Latvia hold talks on bilateral trade

    The Nigerian and Latvian government officials met on Monday in Abuja on plans to enhance bilateral trade relations between the two countries.

    The meeting took place when Mr. Andris Teikmanis, State Secretary, Latvian Ministry of Foreign Affairs, met Dr. Martin Uhuomoibhi, the Permanent Secretary, Ministry of Foreign Affairs.

    Teikmanis told journalists after the talks that the Latvian government was seeking ways to partner Nigeria in areas of “common interests.”

    “We see a growth of rapid interests among our communities, two-thirds of our total foreign trade is with the European Union countries; at the same time we see our business communities looking for new markets in African countries.

    “Currently, the trade between Latvia and Nigeria is based on information communication technology, metals, food and wood industry.

    “These are industries that are traditional and have a long history in Latvia but we are ready to explore new potentials.

    “We are ready to transfer our technology in areas where both countries share interests and can benefit from; I see a good future for cooperation in various technologies,’’ the News Agency of Nigeria quoted the Latvian official as saying during the visit.

    Latvia, with a population of 2.3 million, is situated in the Baltic region of Northern Europe and gained independence from the Soviet Union in 1991.

    It has, as part of its resources, large forests that supply timber for construction and paper industries.

    The environment is rich in wildlife and the country also produces consumer goods, textiles and machine tools.

     

  • Nigeria, US to boost economic, bilateral trade ties

    Nigeria and the United States yesterday renewed their commitments to increase economic, trade and investment relationship between both countries, especially in non-oil exports.

    The Minister of Trade and Investment, Olusegun Aganga, said given the current global economic meltdown, trade and investment remained the only potent tool for achieving sustainable and inclusive economic growth globally.

    Aganga, who spoke at the Seventh US-Nigeria Trade and Investment Agreement Council Meeting in Abuja, said there was a need for Nigeria and the US to deepen their trade and investment relations, especially in the areas where both countries have comparative and competitive advantage.

    The US-Nigeria Trade and Investment Agreement (TIFA ) was signed in 2000. It established the framework for structured dialogue on Trade; Intellectual Property Rights; flow of investment, as well as partnership for cooperation between the economic operators of the two countries.

    Aganga said: “All over the world, presidents and policy makers have agreed that there is only one tool that can lead to sustainable and inclusive economic growth. That tool, is trade and investment.