Mexico’s agro investment in Nigeria to generate 7,500 jobs

…As trade volume rises to $575 million

As the trade volume between Nigeria and Mexico rises to $575 million from $166 million in 2012, Mexico unveiled an investment plan in Nigeria, which is expected to generate about 7,500 direct jobs in the country.

Mexican Ambassador, Marco Antonio Garcio Blanco, who said this in an interview with journalists in Abuja, recently, explained that the investments who be directed to the agro-allied sector.

The envoy, who said work has already started on the investments, added that, the projects’ capital, machinery and management will be Mexican.
According to him, the increase in trade with Nigeria represents 245 per cent.

By its total trade in 2014, Nigeria was the main trade partner of Mexico in Africa, surpassing South Africa.

Blanco said three years ago, Mexico and Nigeria had bilateral agreements in force but now, both governments have identified 11 more instruments, which are in the final stages of negotiation, which will enable Nigeria and Mexico to have a legal framework to regulate and promote their bilateral relationship.

“In December 2014, the Nigerian-Mexican Chamber of Commerce was launched, which organized its first trade mission to Mexico in May, 2015 with the participation of 35 entrepreneurs and authorities of Nigerian Investment Promotion Commission (NIPC), Nigerian Export Promotion Council (NEPC) and Nigerian Export-Import Bank (NEXIM). These three organizations signed Memoranda of Understanding with their counterparts in Mexico to promote de bilateral trade, investment, joint ventures and strategic alliances”, he said.