Two-way merchandise trade between Nigeria and Canada, which is concentrated on commodities, exceeds $3.5 billion yearly, the Permanent Secretary, Federal Ministry of Industry, Trade and Investment (FMITI), Nura Rimi, has said.

Rimi, who disclosed this at the just concluded Nigeria–Canada Trade and Investment Summit and Awards (NICATISA), Toronto, Canada, also said Nigeria was determined to move 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 Nigeria, under President Bola Tinubu’s Renewed Hope Agenda and the Industrial Roadmap, was advancing to diversify beyond oil, creating millions of jobs for youths and women, expanding 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 $3.4 trillion GDP, Nigeria offered Canada a natural launch pad into African value chains.