The trade volume between Nigeria and Bulgaria has reached $42 million, marking a considerable increase from 2023, according to Ambassador Yanko Yordanov, the Bulgarian Ambassador to Nigeria.
Despite this growth, the envoy acknowledged that there is still untapped potential in the trade relationship between the two countries.
“We’ve organised several trade missions between Bulgaria and Nigeria, and many Bulgarian companies have participated in the Abuja and Lagos trade fairs.
“The Lagos Chamber of Commerce and Industry, jointly with the Bulgarian Chamber of Commerce, organised a Business Forum in Sofia,” Ambassador Yordanov said.
The ambassador expressed satisfaction with the development of cooperation in various sectors, including IT and creative industries, which are becoming increasingly important in the trade volume between the two countries.
He noted that the trade relationship is not dependent on a single commodity or large contracts but rather on millions of trade deals between small and medium-sized enterprises (SMEs) from both countries.
“The key areas of cooperation include regular trade missions between Bulgaria and Nigeria to enhance trade relations.
“Additionally, there is growing cooperation in the IT sector, which is contributing to trade volume growth. The creative industries are also playing an increasingly important role in bilateral trade.
“Furthermore, millions of trade deals between SMEs are driving the trade relationship, highlighting the significance of these enterprises in both countries.”
Regarding Nigeria’s agricultural exports to Bulgaria, Ambassador Yordanov said that agri-products are not a significant part of Nigeria’s exports to Bulgaria, which are mostly fabrics and synthetics.
“However, the Bulgarian side is working with Nigerian chambers of commerce to exchange information on opportunities for exporting agricultural products.
“We are not there yet in terms of large quantities of Nigerian agricultural products going to Bulgaria, but we will follow EU directives for quality and quantity. I’m sure Nigerian products can easily fit into these criteria,” he added.
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