Nigeria, Bangladesh trade rise to $144.75m

The Minister of industry, Trade and Investment, Otumba Adeniyi Adebayo has expressed delight that the two way trade between the People’s Republic of Bangladesh and Nigeria, is growing on a daily basis more so that it increased from $11.27 million in year 2019 to $144.75million in year 2020.

Adebayo, speaking at the inauguration of the Commercial Display Room of the Bangladesh High Commission in Abuja, however said there is a need to further enhance the trade relationship between the two countries.

In a statement, Adebayo was quoted as saying that there is a huge potential 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 like we all know, there are huge potential for strengthening trade and economic relations between Bangladesh and Nigeria which remain largely unutilized.”

The Minister described the launch of the Commercial Room at the Bangladesh mission as an innovative idea to showcase export potential of any country in a foreign land.

He said, “I am impressed to see the wide and wonderful collections of the exportable 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 about 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.”

He lauded the members of the Nigeria-Bangladesh Chamber of Commerce (NBCC), and the Nigeria-Bangladesh Business and Technology Forum, launched at the event, saying both organizations will complement the government’s efforts for stronger commercial and economic relations between the two countries.