TEHRAN: The Islamic Republic of Iran has expressed its willingness to aggressively increase the volume and value of its trade with Nigeria from $50 million to $500 million annually.
The commitment of both countries towards enhancing the level of their trade was displayed with a 3-day exhibition which ended in Lagos on Thursday. The exhibition had over twenty companies showcasing Iranian-made machines and various products.
Speaking at the event, the Executive Director Nigerian Export Promotion Council, Mr. Olusegun Awolowo, told the gathering of business men and women that doing business in Iran is as safe as any other country.
“Iran has been exporting and importing commodities to and fro Europe and some African countries. There is a silver lining at the end of the tunnel,” Awolowo added
He stressed the need for the diversification of the Nigerian economy, saying that over-reliance on oil would continue to affect the growth of the economy.
Also speaking at the event, the Iranian Ambassador to Nigeria, Mr. Saeed Koozechi said the exhibition would help deepen trade relations between the two countries.
“Right now, Iranian companies do not know the opportunities available in Nigeria. And Nigeria is a very big market, especially with its big population and resources.
“This situation also applies to Nigerian businesses as they also know little about Iranian companies and the huge potential that the Iranian market offers. I believe that through this exhibition, a stronger connection will be fostered among the Iranian and Nigerian businesses.
” The exhibition will play a very key role in identifying the opportunities on both sides. I hope that as soon as possible we can have another exhibition in northern Nigeria,”Koozechi added.
The envoy added: “In the power sector which is one of the most important infrastructures in Iran, we have made good progress and have achieved about 95 percent self sufficiency in this sector including design and manufacture of equipment like turbines, transmission equipment and many others. Last year, Iran exported $1 billion worth of electricity to neighbouring countries.
“I think that since Nigeria is going to establish plants for assemblage of cars, it is possible that Iranian companies in the automotive sector will also be thinking about coming over to Nigeria to establish plants as well.”
