By Felix Khanoba
The two-way trade between Nigeria and Bangladesh has increased from 11.27 million dollars in 2018/2019 to a record high of 144.75 million dollars in 2019/2020.
Minister of Trade, Industry and Investment, Otunba Adeniyi Adebayo, made this known at the inauguration of the Commercial Display Room of the Bangladesh High Commission in Abuja at the weekend.
A statement made available to newsmen in Abuja on Sunday by the Special Assistant to the minister, Ifedayo Sayo, said Adebayo expressed the need to further enhance the bilateral trade.
The statement quoted the minister assaying that there are huge potentials for strengthening trade and economic relations between the two countries, which have largely remained unutilised.
“Nigeria under the visionary leadership of President Muhammadu Buhari enjoys a respectful place in the world, and it has already become the largest economy in Africa. Nigeria has taken a series of steps to diversify its export basket as too much dependence on its oil revenue cannot be a viable option.
“I fully agree with what the Hon Commerce Minister of Bangladesh has just said. There are huge potentials forstrengthening trade and economic relations between Bangladesh and Nigeria which remain largely unutilised,” he said.
On the launching of the commercial display room at the mission, Adebayo described it as an innovative idea to showcase export potentials of any country in a foreign land, adding that the move would boost the export prowess of Bangladesh.
“I am impressed to see the wide and wonderful collections of the exportables of Bangladesh in beautifully designed and tastefully decorated shelves.
“I have no doubt that the display room will go a long way to get a sense about the export potentials of Bangladesh and the investment climate in the country.
“We will also be happy to explore increased imports from Bangladesh while Bangladesh may like to consider importing products like oil and cotton, cashew nuts, among others from Nigeria.
“We are aware of Bangladesh’s unique position as being the second largest exporter of ready-made garments in the world, only after China, and we invite Bangladesh’s potential investors to come and invest jointly in Nigeria, in the sectors like textile, pharmaceutical, ceramics etc. in the various industrial zones that we are setting up in Nigeria,” the minister said.
Speaking further, Adebayo lauded members of the Nigeria-Bangladesh Chamber of Commerce (NBCC) and the Nigeria-Bangladesh Business and Technology Forum launched at the event, saying both organisations will complement the government’s efforts for stronger commercial and economic relations between the two countries.