Lahore: High Commissioner of Nigeria Dauda Danladi has urged the Pakistani entrepreneurs to explore the huge untapped potential exist in Nigeria.
He was speaking at a meeting here at the Lahore Chamber of Commerce & Industry on Thursday. LCCI Executive Committee Members were also present on the occasion.
Nigerian High Commissioner said that low volume of the bilateral trade demands extra ordinary efforts from the businessmen of the two countries.
He invited the Pakistani businessmen to enter into joint ventures with their Nigerian counterparts in the fields of agriculture, textile and manufacturing.
He said that easing of visa process between the two countries could increase the bilateral trade in shortest possible time.
Speaking on the occasion, the LCCI President Ijaz A. Mumtaz said thatPakistan does consider the value of strengthening the trade and economic relations with Nigeria keeping in view the big market of Africa. Referring to recently concluded D8 Summit, both the sides need to make all out efforts to increase mutual cooperation for each other’s benefits.
He said that Pakistan and Nigeria are also members of Organization of the Islamic Cooperation (OIC) and have friendly and strong diplomatic relations. Other than maintaining steady trade relations, Pakistan has been greatly contributing in fulfilling the defence requirement of Nigeria.
“Nigeria is one of the major member states of African Union. It is classified as an emerging market rapidly approaching to middle income status”, the LCCI president added.
He said that the Nigerian Stock Exchange is the second largest in Africa Continent and poised to champion the acceleration of Africa’s economic development.
However, this relationship has not been translated into tangible economic ties because Nigeria unfortunately does not figure prominently among the trading partners of Pakistan.
Ijaz A. Mumtaz said that the downward trend in exports of Pakistan to Nigeria and overall downfall in bilateral trade is a matter of concern.
“We need to find reasons of this trend and also take measures to turn around the situation”, he added.
Major export items from Pakistan to Nigeria are medicament mixtures, cotton fabrics, woven fabric of synthetic fiber, tractors, garments, and electro-medical apparatus etc.
Items of imports from Nigeria to Pakistan comprise cotton, raw hides & skins, pharmaceutical products and articles of rubber etc.
The LCCI President said that Pakistan is capable of facilitating Nigerian market with better quality products at competitive rates. Pakistan can export rice, electrical appliances, auto-parts etc. even at much competitive rates.
He said that there is a dire need to identify more tradable products to enhance mutual trade. Likewise, sharing of expertise in oil and gas sector can also be initiated on priority.
Ijaz A. Mumtaz said that Pakistan is known around the globe for its textile products, sports goods, surgical instruments, rice, carpets, footwear and so many other consumable items, which still need to be properly introduced in African markets.
He said that market research should be conducted regarding the range of products and priority may be given to each other for import of products.
The LCCI president said that frequent exchange of trade delegations, continuous liaison and exchange of information can prove important instruments to strengthen our trade and investment relations.