Nigerian market has huge potential for Pakistan in different areas; Nigerian H.C.

Lahore: The Nigerian High Commissioner in Islamabad Dauda Danladi has said that Nigerian market has huge potential for Pakistan Rice, Textile products, Pharmaceuticals and Agricultural machinery including tractors, therefore Pakistani businessmen should avail opportunities in these areas.

The High Commissioner was speaking at the Lahore Chamber of Commerce and Industry on Friday. LCCI President Engineer Sohail Lashari presented address of welcome while Chairman LCCI Committee for Pakistan-Africa Trade Promotion Zafar Mehmood, LCCI former Executive Committee Member Rehmatullah Javaid also spoke on the occasion.

The High Commissioner said that the President of Pakistan and the Chief Minister Punjab had promised to take business delegations to Nigeria that would pave way for frequent business exchanges between the two countries.

Mr Dauda Danladi said that Chief Minister Punjab had formed a committee to finalize modalities for a high-powered visit to Nigeria.

The High Commissioner expressed the optimism that the trade between Pakistan and Nigeria would get a new boost as both sides were planning to sign various trade-related agreements including Preferential Trade Agreement very soon.

Speaking on the occasion, the LCCI President Engineer Sohail Lashari said that Pakistan’s business community was well aware of the market size of Africa and Nigeria could serve to be the best destination to exploit the potential.

The LCCI President said that the continuity of organizing Africa Show every year in Lahore is a clear sign of LCCI’s commitment towards bridging the gaps and upsizing the current level of two way trade.

Engineer Sohail Lashari said that it is encouraging to note that Nigeria is one of the major member states of African Union and classified as an emerging market rapidly approaching to middle income status.

“By way of having good banking network and stock exchange, Nigeria seems fully poised to lead the acceleration of Africa’s economic development.”

He said that the joint efforts in the form of organizing Africa Show on regular basis from the last three years or so have started paying off. The positive change in trade figures, which is although less significant, has taken place and we will keep on making efforts to take it to the desirable level.

Major export items from Pakistan to Nigeria are tractors, medicament mixtures, woven fabric of synthetic fiber, cotton fabrics, electro-medical apparatus, garments, rice, articles of plastic and etc.

Items of imports from Nigeria to Pakistan comprise cotton, sheep/lamb leather, raw hides & skins, natural gums, resins, milk & cream, preserved vegetables, nuts and coconuts etc.

He said that Pakistan has a strong agro and industrial base. It has a vast potential to export most the products imported by Nigeria from other countries.

The LCCI President said that Pakistan is equally capable of facilitating Nigerian market with better quality products at competitive rates. We can also export cereals, light vehicles, electrical appliances, pharmaceutical products, auto-parts, articles of plastic etc. even at a much competitive rates.

He said that there is a dire need to identify more tradable products to enhance our mutual trade. Nigeria is the twelfth-largest producer of petroleum in the world, therefore, sharing of expertise in oil and gas sector can also be initiated on priority.

Engineer Sohail Lashari 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.

He said that frequent exchange of trade delegations, continuous liaison and exchange of information can prove important instruments to strengthen our trade and investment relations.

He said that organization of Pakistan Show in Nigeria could help reach out to such importers who have yet to get familiar with the manufacturing capabilities of Pakistan.

The Chairman LCCI Standing Committee on Pak-Africa Trade Promotion Zafar Mehmood threw light on Africa Show being planned by the Lahore Chamber in the month of May, 2014.