The two-way merchandise trade between Nigeria and Canada, which focuses on commodities, exceeds $3.5 billion annually, according to Amb. Nura Rimi, the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment (FMITI).

Rimi made this disclosure at the recently concluded Nigeria–Canada Trade and Investment Summit and Awards (NICATISA) in Toronto, Canada. He also stated that Nigeria is committed to moving up the value chain by expanding into processed foods, light manufacturing, cosmetics, digital services, and value-added minerals.

In a keynote address during the summit, Rimi said that Nigeria, under President Bola Tinubu’s Renewed Hope Agenda and the Industrial Roadmap, is progressing towards diversifying beyond oil, creating millions of jobs for youth and women, boosting non-oil exports, and attracting responsible investments.

While the FMITI, through its mandate, is turning “investment into factories, factories into exports, and exports into good jobs with reforms focusing on industrialisation, trade facilitation, investment promotion, value-adding agriculture, reliable energy, and skills that match industry needs.”

The Permanent Secretary said that with the African Continental Free Trade Area (AfCFTA), a market of 1.3 billion people and a GDP of $3.4 trillion, Nigeria offers Canada a natural launchpad into African value chains.

“Our priorities are practical and focused on outcomes. We will industrialise for jobs by adding value at home before we export. We will embed standards and quality assurance at the start, not at the border.

“We will unlock market access through Afro-Caribbean Mart and diaspora hubs that provide reliable shelf space and brand visibility in Canada, beginning in Ontario, and extending to North American nodes such as Michigan.

“We will democratise freight so SMEs can compete, tackling Lagos–Toronto cargo rates that sit 50 to 70 per cent above benchmarks by aggregating volumes with FAAN, freight forwarders, and airlines, including Air Canada, Delta,
Air Peace, and DHL. And we will pursue a modern bilateral framework aligned with AfCFTA that gives businesses predictability and scale,” he said.

Rimi called for deepening of institutional cooperation between Nigeria and Canada’s regulatory and facilitation agencies, such as the Nigeria Customs Service (NCS) and the Canada Border Services Agency (CBSA), that could reduce clearance times, modernise customs practices, and simplify exporters’ experiences at both ends.

“Similarly, enhanced partnerships between the Standards Organisation of Nigeria (SON) and the Canadian Food Inspection Agency (CFIA) will improve conformity assessment, labelling, and traceability, reducing costly rejections for exporters, as well as between Global Affairs Canada and NEPC.

“In finance, structured collaboration between the Business Development Bank of Canada (BDC) and NEXIM could unlock innovative financing instruments, blending Canadian capital strength with Nigerian market access needs.”