Nigeria, Brazil bilateral trade hit $10.8bn

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ABUJA: The President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief Bassey Edem, has said that the volume of bilateral trade between Nige­ria and Brazil has hit $10.8 billion.
Edem, who disclosed this at a busi­ness forum organised by the Nigerian- Brazilian Chamber of Commerce and Industry (NBCCI) held recently in La­gos, said that the reason for the high volume of trade between the two coun­tries was the strong mutual understand­ing between Nigeria and Brazil.
He stated that Nigeria imports a lot of agricultural products, solid minerals and energy resources, while the ma­jor export of Nigeria is crude oil. He expressed confidence in the positive response and willingness by Brazilian companies to partner with Nigerian businesses.
He explained that the peculiar chal­lenges of Nigerian business and in­vestment environment, like any other developing economies in the world, have improved tremendously with numerous opportunities in agriculture, manufacturing, solid mineral, oil and gas, tourism, power and telecommuni­cation.
He therefore called on the visiting Brazilian firms to take advantage of the existing incentives and enter into long-term business relationship with their Nigerian counterparts.
Also speaking at the event, the Ni­gerian Ambassador to Brazil, Adamu Emozozo, said the visit was in response to the Federal Government foreign in­vestment drive, which was meant to stimulate economic growth and job creation.
Emozozo noted that there was need to balance the gap as it favoured Bra­zil more than Nigeria. He also told the visiting firms that Nigeria is open to investment in agriculture, with each sector having its incentives to attract foreign direct investment.
Speaking in the same vein, the Presi­dent of NBCCI, Mr. Emmanuel Ibru, said that the private sector holds the key to commercial and industrial growth of the nation.
“I see private sector operators as strong partners in the economic trans­formation of the society and I urge the local and international investors to ex­ploit the good resources of Nigeria,” he said.
He said that Nigeria was heavily en­dowed with both natural and human resources waiting to be tapped.