Nigeria, Bangladesh bilateral trade increased from $11.27m to $144.75m in two years

Nigeria bilateral trade relations with the People’s Republic of Bangladesh has increased from $11.27 million in 2018 to $144.75 million by 2020.

Disclosing this at the weekend, in Abuja while inaugurating the Commercial Display Room of the Bangladesh High Commission, the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has called for the need to further enhanced the bilateral trade between both countries.

In a statement made available to newsmen by the Special Assistant on Media, Ifedayo Sayo, the Minister noted that there are huge potentials for strengthening trade and economic relations between the two countries, which has largely remained unutilised.

“Nigeria has taken a series of steps to diversify its export basket as too much dependence on its oil revenue cannot be a viable option, I fully agree with what the Hon Commerce Minister of Bangladesh has just said. There are huge potentials for strengthening trade and economic relations between Bangladesh and Nigeria which remain largely unutilised,” he said.

Orunba described the launching of the commercial display room at the mission as 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 exportables of Bangladesh in beautifully designed and tastefully decorated shelves.

“I have no doubt that the display room will go a long way to get a 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 like oil and cotton, cashew nuts, among others from Nigeria.

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“We are aware of Bangladesh’s unique position as being the second largest exporter of ready-made garments in the world, only after China, and we invite Bangladesh’s potential investors to come and invest jointly in Nigeria, in the sectors like textile/pharmaceutical/ceramics, jute etc. in the various industrial zones that we are setting up in Nigeria.

The Minister commended the members of the Nigeria-Bangladesh Chamber of Commerce NBCC and the Nigeria-Bangladesh Business and Technology Forum launched at the event saying both organisations will complement government’s efforts for stronger commercial and economic relations between the two countries.

NIGERIAN TRIBUNE