The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has called for improved bilateral trade relations between Nigeria and Bangladesh, as the trade volume between both countries stands at $144.75million.
Adebayo, who made this call at the weekend during the inauguration of the Commercial Display Room of the Bangladesh High Commission in Abuja, said the trade volume between the two countries has risen from $11.27million in 2018/2019 to $144.75million in 2019/2020.
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Mr. Ifedayo Sayo, Special Assistant to Adebayo on Media, yesterday explained that there are huge potentials for strengthening trade and economic relations between the two countries, which have remained unutilised.
According to Adebayo, “Nigeria under the visionary leadership of President Muhammadu Buhari enjoys a respectable place in the world and it has already become the largest economy in Africa.
“Nigeria has taken a series of steps to diversify her export basket, as too much dependency on its oil revenue cannot be a viable option.
“There are huge potentials for strengthening trade and economic relations between Bangladesh and Nigeria, which have remained largely unutilised.”
Commenting on the launch of Commercial Display Room at the Mission, Adebayo said it was an innovative idea to showcase export potentials of any country in a foreign land.
“I am impressed to see the wide and wonderful collections of the exportable of Bangladesh in beautifully designed and tastefully decorated shelves.
“I have no doubt that the display room will go a long way to getting the sense about the export potentials of Bangladesh and the investment climate in the country.
“We will also be happy to explore increased imports from Bangladesh while Bangladesh may like to consider importing products such as oil and cotton, cashew nuts, among others, from Nigeria.
“We are aware of Bangladesh’s unique position of being the second largest exporter of ready-made garments in the world, after China.
“We invite Bangladesh potential investors to invest in Nigeria in the sectors such as textile, pharmaceuticals, ceramics, jute, among others, in the various industrial zones that we are setting up in Nigeria.”
The minister further commended the Nigeria-Bangladesh Chamber of Commerce (NBCC) and the Nigeria-Bangladesh Business and Technology Forum inuagurated at the event, adding that both organisations would complement government’s efforts for stronger commercial and economic relations between the two countries.
