Nigeria and Mexico have inaugurated a chamber of commerce to boost trade ties between the two countries. Commissioning the body yesterday in Abuja, the Mexican Ambassador to Nigeria, Alfredo Miranda, said the event marks a significant step in strengthening the bilateral economic relationship between Mexico and Nigeria by fostering greater trade, investment and business opportunities between both countries. He added that the new era for the chamber of commerce reflects both countries’ shared commitment to building dynamic and mutually beneficial commercial ties.

The Envoy declared that trade between Nigeria and Mexico remains far below its potential. He added that despite being two of the largest economies in their respective regions, with young, dynamic populations, a strategic geographic location, and a growing industrial sector, trade volumes remain modest, inconsistent and under-diversified.

“Nigeria’s exports to Mexico remain limited, concentrated primarily in a few commodities. In 2024, the total value of Nigerian exports to Mexico reached approximately $103 million. Mexico’s exports to Nigeria have shown modest growth, with a continual emphasis on manufactured goods. In 2024, the total value of Mexican exports to Nigeria stood at around $47 million,” he said.

According to him, the continual underperformance in bilateral trade is not just a missed opportunity, but a loss. He stated: “A loss of jobs that could be created, a loss of knowledge exchanged, and a loss of economic resilience for both countries.”

With the global economy shifting and climate change reconfiguring, the envoy declared that both countries need clear trade facilitation with mechanisms, business-to-business platforms that translate into real contracts and a strong, more proactive chamber of commerce to reach information, growth and financing jobs.

“Above all, we need a new narrative, one that does not focus on what has not been done, but on what we can and must build together. Mexico and Nigeria are regional powerhouses, each with unique assets and a strong appetite for global leadership. Together, we represent two of the most vibrant and influential economies in Latin America and Africa,” he said.

President of the Chamber, Arim Topete, said the chamber symbolises the creation of a bridge that will connect businesses, ideas, innovation and opportunities between Nigeria and Mexico.