KARACHI: High Commissioner of Nigeria Mohammed Bello Abioye has said that although an agreement was signed for setting up joint Chamber of Commerce & Industry between Nigeria and Pakistan in 2015 but no progress has been made in this regard to date.
“Setting up a joint Chamber was necessary to improve trade and investment cooperation between the two countries; otherwise, we will not be able to do much,” he added while exchanging views at a meeting during his visit to Karachi Chamber of Commerce & Industry (KCCI).
President KCCI Muhammad Idrees, Senior Vice President Abdul Rehman Naqi along with KCCI Managing Committee Members attended the meeting. Nigerian HC further stated that lack of direct flights was another reason for limited trade between the two countries.
“If direct flights are commenced, it would certainly facilitate trade and investment between the business communities of the two countries,” he said, adding that Nigeria, which holds a very large population, was a peaceful and stable country where Pakistani businessmen and industrialists could either establish their business units or undertake joint ventures. “We can become partners in progress through further strengthening trade ties.”
He said that Karachi was an important city of Sindh province which was the basic reason for laying a lot of emphasis on enhancing trade ties with the business community of this city. “Hence, we are keen to strengthen our relations with the KCCI as it was the most important platform that represents Karachi city. Any delegation’s visit from the KCCI to Nigeria will be fully facilitated as we want to see trade flourishing between the two countries,” he added.
He said that many commodities particularly cotton and coco being largely produced in Nigeria can be provided to Pakistan. The Nigerian cotton can be used by Pakistan’s textile sector for producing their value-added products.
President KCCI Muhammad Idrees pointed out that Pakistan imported commodities worth $116.27 million in 2020, which was 58.4 percent lower than $279.74 million in 2019 while the exports to Nigeria stood at $29.97 million in 2020 which was 9.1 percent higher than $27.47 million in 2019.
He stressed that Pakistan and Nigeria should develop strong trade and economic ties through exchange of trade delegations, continuous liaison with businesses and SMEs that would help in up scaling the two-way trade. The trade volume between the two countries can be increased up by launching direct flights between Pakistan and Nigeria while proper direct banking channel must also be established.
President KCCI was of the opinion that Nigeria offers a huge market for Pakistani pharmaceutical and cereal exporters while Pakistan was 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 the African markets. Export of textiles including electro-medical apparatus to Nigeria from Pakistan can enhance the two-way trade, he added.
He assured to discuss the pending issue of Pakistan-Nigeria joint chamber of commerce with relevant authorities at the Ministry of Commerce and advised to establish this joint chamber in collaboration with Karachi Chamber which has already established a similar joint Chamber with Afghanistan. He also requested the High Commissioner to look into the possibility of opening up Nigerian Consulate in Karachi.
Copyright Business Recorder, 2021
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