Pakistan to invest $250 million in Nigeria

Bilateral trade volume between Nigeria and Pakistan has increased from $80million in 2012 to $500million in 2015, even as the all Pakistan Business Forum has set up a pool of funds worth $250 million for investments in Nigeria.

Honorary Consul-General of Pakistan in Nigeria and President, Pharmaceutical Society of Nigeria (PSN), Ahmed I Yakasai, on the occasion of 70th Independence Day Anniversary of Pakistan celebrated in, Lagos, said: “…The visit of the President of Pakistan, His Excellency, Mamnoon Hussain in 2014 was the climaxed as the Nigeria- Pakistan Joint Commission was resuscitated and began discussion on improving trade and economic relations.

“However, the bilateral trade volume moved from $80million in 2012 to $500million in 2015. And I know with the huge unexplored potentials in agriculture, solid minerals, textile, pharmaceuticals, education, which can yield high returns, the trade volume can move to $1billion by 2018.

“I am happy to inform you that All Pakistan Business Forum has set up a pool of funds-$250million for investments in Nigeria. Five countries were selected for foreign investments with each country to grab $250million and Nigeria is considered as one of the countries.

“Nigeria and Pakistan have large market size with strong manufacturing capacity. Let us leverage on our strengths and work together for the benefit of our countries. We need to go all out for strategic partnerships, be it joint venture, outsourcing in Information Technology (IT) and contract manufacturing, Research & Development (R & D) and indeed students exchange programmes.”