KARACHI: There are immense opportunities of commercial and economic cooperation between Pakistan and Nigeria and a keen interest on both sides to develop and expand trade and economic cooperation.
President, Karachi Chamber of Commerce and Industry (KCCI) Muhammad Haroon Agar said this in a meeting with High Commissioner of the Federal Republic of Nigeria, Dauda Danladi during his visit to the Karachi Chamber.
A strategy should be evolved by the two countries to help strengthen the trade relations between Pakistan and Nigeria, the KCCI chief further said.
Nigerian Deputy High Commissioner and Attache also accompanied Danladi, said a KCCI release on Tuesday.
KCCI President said Pakistan is in a position to offer consultancy services to Nigeria for the establishment of sugar, cement, fertiliser and petroleum refining plants and engineering goods industry.
He apprised that bilateral relations of Pakistan with Nigeria were friendly, affable and strong based on economic and defence cooperation, and trade and investment.
The trade volume between the two countries was not much impressive and there is adequate room to further enhance it to significant levels.
Pointing to the bilateral trade between Pakistan and Nigeria he said in FY12, Pakistan imported commodities worth dollars 3.28 million while exports to Nigeria amounted to dollars 36.7 million.
He said that Africa is rich in mineral and natural resources and Nigeria is a gateway for African market. Pakistan and Nigeria both can benefit by strengthening economic and trade ties.
Great opportunities exist in the area of agricultural machinery like tractors, pharmaceutical and export of garments besides electro-medical apparatus to Nigeria from Pakistan.
Pakistan can invest in Nigeria in IT and Telecommunication and Education sector. Nigeria has the highest population growth in the world and Pakistan can meet its textile, food, sports goods, surgical goods, and other needs.
Pakistan Nigeria Business Forum needs to be formed. Frequent exchange of Trade and business delegations, internet link between KCCI and its counterpart in Nigeria will lead to increased contacts.
He hoped the Nigeria-Pakistan Joint Commission recently formed will achieve its aim to further strengthen bilateral trade and investment relations. He said Pakistan's top exports to Nigeria are pharmaceutical products, cotton, man-made staple fibres, cereals, machinery, plastics, footwear, vehicles other than railway, electrical equipment etc. However important items that Pakistan imports from Nigeria include cotton, raw hides and skins, dairy products, vegetable, rubber and articles thereof, edible fruits etc.
High Commissioner of the Federal Republic of Nigeria, Dauda Danladi stated that the aim of visit to Karachi Chamber was to interact with the vibrant business and industrial community of Karachi and to make a presentation on Nigeria Investment Potential in the areas of oil & gas, agriculture and solid minerals.
He stated that the Nigerian President in the recent D-8 summit in Islamabad attached great importance to boost economic interaction with Pakistan and desired to enhance two way trades to dollars one billion with Pakistan by the end of 2013.
Nigerian High Commissioner in his presentation highlighted that Nigeria is among Africa's ten largest economies that contribute 77 percent of its GDP.
Nigeria having a large population of 165 million people is a big market for Pakistani textile products.
He informed that the present reserves of Nigerian oil were 36 billion barrels and natural gas reserves were 184 trillion cubic feet, daily production of Nigeria's crude oil was 2.5 million barrel per day.
Hence, Pakistani investors can get the benefit of profitable investment in the oil and gas sectors and allied industries, he said. Nigerian Government had created four free zone territories viz Onne, Warri, Lagos and Calabar where incentives offer 100 percent on import and export exemptions, exemption of commercial levies, repatriation of capital and profits and company ownership. Lease was available from 5 to 21 years and there were no corporate and withholding taxes, he added.
He informed that the Nigerian agriculture sector was also open to private sector for large scale commercial farming. Land and fresh water was available in abundance. Opportunities were available in crops, dairy, livestock, fisheries, rice, cassava and biofuel. Nigeria also needed agricultural machinery like tractors.
He also highlighted cooperation in the areas of textiles, pharmaceutical industries and solid minerals like coal, bitumen, iron ore, limestone, zinc etc. and the Government was offering conducive investment climate.
He also invited to compose a delegation of KCCI and become the part of high profile business and investors delegation he had planned to take to Nigeria in August 2013.
Former President KCCI A.Q. Khalil, Senior Vice President Shamim Firpo, Vice President Nasir Mehmood and Managing Committee Members also participated in the meeting and exchanged views.
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