During a meeting at the Lahore Chamber of Commerce and Industry (LCCI), Nigeria’s High Commissioner to Pakistan, Abioye Muhammed Bello said that there is huge untapped potential in the pharmaceuticals, information technology, construction and textile sectors of Pakistan and Nigeria that can be explored.
“The High Commission will work closely with the businessmen of the both countries for joint planning. We must move forward to promote bilateral trade and economic relations. Awareness of trade and investment opportunities is very important. In addition, both of the countries should exchange lists of businessmen according to the sectors and both countries should take full advantage of each other’s best geography,” the HC said.
It is important to mention that bilateral trade between the two countries dropped to $146 million in 2020 from $307 million in 2019.
Pakistan’s exports to Nigeria increased from $27 million to $30 million in the same period, but the imports from Nigeria to Pakistan went down to $116 million in 2020 from $280 million in 2019.
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However, both nations see immense potential to increase the trade volume to at least above $1 billion in the short run.
The bilateral trade may be boosted through improving trade and economic cooperation in the fields of pharmaceuticals, light engineering products, surgical Instruments, automotive parts, sports goods, and value-added textiles, among others.
Besides these sectors, the two countries may also enter into Joint Ventures in the fields of oil, gas, agriculture technology, and renewable energy.
Bello said that the Nigerian High Commission will extend the best cooperation to the private sector of Pakistan for joint ventures with their Nigerian counterparts.
He also highlighted the need to set up more banking channels to smooth bilateral trade.
“Nigeria and Pakistan share a lot of commonalities. The two countries enjoy unique geographical locations which are strategic in their respective continents,” he stated.
Addressing the occasion, The LCCI President Mian Tariq Misbah said that Nigeria and Pakistan have close ties and both countries are important members of the OIC and the Commonwealth.
Misbah also informed the HC that a standing committee called ‘Pakistan Africa Business Promotion’ has been created in the LCCI and through this forum the LCCI wants to maintain close liaison with the Chambers of Nigeria so that formal business relations can be established.