Nigerian to strengthening Trade Relations with Bangladeshi

The Minister for Trade, Industry and Investment, Adeniyi Adebayo has called for an enhancement of existing bilateral trade between Nigeria and Bangladesh.

Adebayo spoke at the weekend at the inauguration of the Commercial Display Room of the Bangladesh High Commission in Abuja.
The minister said he was delighted that the two-way trade between the two countries had increased from US$11.27 million in Year 2018/2019 to US$144.75 million in 2019/2020, stressing the need to further enhance the trade relations.

In a statement by his 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 unutilized.

“Nigeria under the visionary leadership of President Muhammadu Buhari enjoys a respectful place in the world, and it has already become the largest economy in Africa. 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 Commerce Minister of Bangladesh has just said. There are huge potentials for strengthening trade and economic relations between Bangladesh and Nigeria which remain largely unutilized,” he said.
Adebayo described the launch as an innovative idea to showcase the export potentials of any country in a foreign land.

He said: “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 of 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.
“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.”
Meanwhile, the outgoing High Commissioner of Bangladesh, MD Shameen Ashan has thanked Nigeria for the support he received in over two years he spent in Nigeria, saying the bilateral relations between both countries had improved with many Memoranda of Understanding signed while others were still in the works.