The Minister of Foreign Affairs, Amb. Geoffrey Onyeama has said that the bilateral trade volume between Nigeria and Iran is expected to hit $500 million by 2020.
Onyeama who stated this at the 38th National Day Anniversary of Iran in Abuja said bilateral relations between Nigeria and Iran have been cordial.
The Minister who was represented by Amb. Mohammad Suleiman said the both countries have collaborated both in the diplomatic and economic sphere.
He said: "Economically, there has been an increase in the volume of bilateral trade rising from two million nine hundred and twenty one thousand dollars ($2,921,000.00 import) in 2014 to over fifteen million ($15,000,0000.00) US dollars in 2015. The items of trade includes but not limited to, motor cycle and vehicle types, Persian rugs and a high demand of Nigeria sesame seed. Moving forward, the target for trade volume between both countries is set at five hundred million US dollar by 2020."
He revealed that numerous Nigerians live in Iran.
"It is worthy to note that the number of Nigerians living, working and doing business in Iran , including sports men and women is within the region of five thousand (5000), while an estimated number of Nigerians students schooling in Iran is about a thousand (1000)," he said .
Also speaking, the Ambassador of the Islamic Republic of Iran , Mr. Morteza Rahimi Zarchi affirmed that the future of Nigeria and Iran was very bright.
He noted that the cooperation between the two important countries one in West Asia and another in West Africa has been very remarkable in OPEC, GAS OPEC, D8, United Nations and other international organizations.