The Nigeria-Saudi Chamber of Commerce, Industry, Mines and Agriculture is seeking improved trade, and commerce in the areas of agriculture, and power among others between the two countries.
The President of the Nigeria-Saudi Chamber of Commerce, Industry, Mines and Agriculture, Engr Ibrahim Usman stated this while presenting the Chamber’s certificate of registration to the Minister of Information and Culture.
He regretted that despite the large number of Nigerians visiting Saudi Arabia for Hajj and Umrah, yet, the volume of trade between the two countries remains very low.
He said Nigeria has not taken advantage of Saudi’s magnanimity by creating excellent windows of assistance to encourage bilaterally as well as to support underprivileged businesses in countries like Nigeria.
“For example, whereas 46 countries including Egypt, Pakistan, Sudan, Kenya, Ghana etc have been enjoying billions of dollars in soft credit and trade-related soft-term facilities under the Saudi Export Program, no single dollar of the facility was advanced to any business in Nigeria,” he said.
Usman further stated that many Saudi investors are looking out for profitable investment windows in friendly countries, like Nigeria, but the country’s businesses have been unable to capitalize on such opportunities due to a lack of an organized, reliable, safe and very secure private sector platform like a Chamber of Commerce.
“For example, apart from the billions of dollars of soft sharia-compliant facilities we could have accessed via the Saudi Fund for Development or the Saudi Export Program, much high profile and rich Saudi individuals and companies have been very disappointed in their attempt to set up in Nigeria.
“Apart from the bureaucracy, most of them lost money to local Nigerian partners who were not credible, and they also felt insecure with the investment climate.
“It is worth noting gentlemen, that Nigeria has a lot to learn from the Saudis who have over the years built fantastic industrial estates in all their key cities and have been churning out products – carpets, furniture, roofing materials, electronics, chemicals, industrial raw materials, processed food items, transformers, electric cables, aluminium claddings, reinforcement rods and different types of steel profiles etc,” he noted.
Usman noted that through the Chamber, Nigerian Businessmen and companies which were not trusted by the Saudis before will now pass through the Chamber, as long as they are members, and will be referred to as very reliable Saudi partners.
“And on the government front, our terrible electricity situation could be remedied if we speak to Saudi.
“They have an excellent grid network, they produce all the cables locally, they produce their transformers locally, they make their own transmission towers locally etc.
“The Nigeria-Saudi Chamber, and is also inviting State Governments to also register as members, will work hand-in-hand with Saudi establishments to support our economy in very many ways.
“Still on electricity, the time is long overdue for the government to take the bull by the horn and establish land-scale solar farms, especially up north where we have ample sunshine. The Saudis have gone very far in this area and we can learn from them,” he added.
He announced that there will be a 60-man delegation from Saudi who will be in Nigeria for the second session of the Nigeria-Saudi Arabia Joint Commission scheduled to hold in Sheraton Hotels & Towels Abuja from the 3rd 5th October.
“We plead with all our potential key members who have been given the invitation to please turn up and grace the occasion and to witness the signing of many MOUs which are all meant to lay a very solid, safe and reliable foundation for business, trade and economic development between Nigeria and Saudi. These MOUs will remove the hindrances and mistrust which had hitherto seriously curtailed bilateral trade”, he stated.
In his remarks, the Minister of Information and Culture, Alhaji Lai Mohammed commended the Chambers for getting its certificate to do business in Nigeria.
He said the trade between Nigeria and Saudi Arabia is one that every citizen needs to key into because of the huge potential.
He said the bilateral trade between the two countries is not religious based as non-Muslims in Nigeria have equal chances of doing business with Saudi Arabia.
ALSO READ FROM NIGERIAN TRIBUNE
and then