PHOTO: REUTERS
FAISALABAD: Pakistan and Nigeria have almost identical economic conditions and hence, businessmen of the two nations must collaborate in different fields to exploit the untapped potential, stated Nigeria High Commissioner Major General (Retired) Ashimiyu Adebayo Olaniyi.
Speaking at a meeting at the Faisalabad Chamber of Commerce and Industry (FCCI) on Thursday, the high commissioner drew comparisons in relation to population of the two countries, size of the economies, purchasing power and nominal gross domestic product (GDP).
“Trade is important to the Nigerian economy because imports and exports collectively make up 31% of GDP,” he pointed out. “Average applicable tariff rate in Nigeria is 11.3% and foreign and domestic investors are treated equally.”
He stressed that Pakistan enjoyed an industrial economy which included shipbuilding, automobiles, textiles, chemicals, etc.
Quoting statistics of the United Nations Food and Agriculture Organisation, the high commissioner disclosed that Pakistan had the 13th place among major rice producers and it also featured among top 10 producers of wheat, cotton, sugarcane, mango, dates and kinnow.
Moving on to Nigeria, he said the country was blessed with oil and gas, mineral resources and agricultural products and asked Pakistan exporters to increase bilateral trade for the benefit of the two countries.
He also highlighted the incentives offered by the Nigerian government to attract foreign direct investment.
FCCI President Syed Zia Alumdar Hussain mentioned that Faisalabad contributed a massive 45% to the national textile exports, which amounted to $13 billion annually.
Published in The Express Tribune, January 18th, 2019.
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