Nigeria, Pakistan target $1bn trade volume in 5yrs

Abuja (Ministry of Industry, Trade & Investment Report) – President Goodluck Jonathan has said that Nigeria and Pakistan will work together to increase the bilateral trade volume between them from the current $70million to $1billion within the next five years.
 
He stated this recently at the Nigeria-Pakistan Trade and Investment Forum organised by the Ministry of Industry, Trade and Investment in Abuja on Tuesday June 10, 2014. The President noted that the current trade volume between Nigeria and Pakistan did not reflect the strong political and economic ties that existed between the two countries, adding that both countries would work together to address the anomaly.
 
“Nigeria and Pakistan have over the years established a friendly and cooperative relationship deeply anchored on a shared vision for a stable world in which all countries can grow and develop in peace.  More than ever, we are determined that our cooperation in the business and trade sector will reflect the strong and significant ties that Nigeria and Pakistan have always enjoyed in the political and diplomatic field,” he averred.
 
“There are a number of Pakistani businesses operating in Nigeria and there are Nigerian businesses operating in Pakistan. However, the trade volume between Nigeria and Pakistan is currently below $100m. This is very low given the huge potentials that exist between the two countries.”
 
According to him, the governments of Nigeria and Pakistan will create the enabling environment for businessmen and the private sector of both countries to exploit the huge trade and investment opportunities to push the trade volume between Nigeria and Pakistan to at least $5billion within the next five years.
 
The President observed that it was the mutual desire to strengthen the bilateral relations between Nigeria and Pakistan that caused Pakistani President to visit Nigeria with what he described as powerful trade delegation. He noted that in August 2013 about 42 Pakistani businessmen and investors were in Nigeria to explore the trade and investment opportunities between the two countries; noting that this is a follow up to that visit.
 
Goodluck Jonathan commended the Minister of Industry, Trade and Investment, Olusegun Aganga and the business community for facilitating the platform for interaction, networking and building of alliances towards fostering the development of fruitful businesses across Nigeria and Pakistan. He stated that the business forum has opened a new vista for the building of the partnerships which will foster mutually beneficial joint ventures.
 
“The various macro-economic and structural reforms that we have put in place and which  are being implemented under the framework of the Transformation Agenda have not only given impetus to existing programmes, but have continued to facilitate greater foreign direct investment into the country,” Jonathan said.
 
In his remark, the President of Pakistan, Mamnoon Hussain indicated that the purpose of his visit to Nigeria was to add a new mutually beneficial dimension to the existing political and bilateral relationships between Nigeria and Pakistan. Adding, it was also to lay the foundation for increasing the trade volume between the two countries from the current $70millon. He explained that the trade relations will open a commercial office in Lagos towards facilitating more bilateral interface between Nigeria and Pakistan.
 
Speaking earlier, the Minister of Industry, Trade and Investment, Olusegun Aganga said that Nigerian businessmen and women would work together with their Pakistani counterparts to achieve President Jonathan’s desire for increasing the bilateral trade between Nigeria and Pakistan to $1billion within the next five years.