High Commissioner of Nigeria Major General Ashimiyu Adebayo Olaniyi (retd) has said that huge untapped potential of Nigeria could be explored though joint ventures between private sectors of the two countries. The Nigerian government would extend maximum cooperation to achieve the goal of economic prosperity.
He was talking to Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javed and Senior Vice President Khawaja Khawar Rashid at the Lahore Chamber. Executive committee members Awais Saeed Piracha, Adeeb Iqbal Sheikh, Zafar Mehmood and Mian Zahid Javed were also present.
The Nigerian High Commissioner said that low volume of the bilateral trade demands extraordinary 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 easing of visa process between the two countries could increase the bilateral trade in the shortest possible time.
LCCI President Malik Tahir Javed said that Pakistan does consider the value of strengthening the trade and economic relations with Nigeria keeping in view the big market of Africa. Other than maintaining steady trade relations, Pakistan has been greatly contributing to fulfilling the defence requirement of Nigeria. Relations with Nigeria have not been translated into tangible economic ties because Nigeria unfortunately does not figure prominently among the trading partners of Pakistan.
Malik Tahir Javed 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, and woven fabric of synthetic fiber, tractors, garments and electro-medical apparatus.
Items of imports from Nigeria to Pakistan comprise cotton, raw hides and skins, pharmaceutical products and articles of rubber. The LCCI president said 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 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. He said 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 frequent exchange of trade delegations, continuous liaison and exchange of information can prove important instruments to strengthen our trade and investment relations.