ISLAMABAD: Nigeria would enhance two-way trade with Pakistan to $1 billion by the end of 2013 by enhancing interaction between the business communities of both the countries.
High Commissioner of Nigeria to Pakistan Dauda Danladi Mni at Islamabad Chamber of Commerce and Industry (ICCI) attached great importance to boost economic interaction with the government of Pakistan, particularly the business community.
Nigerian economy largely dependent on oil which accounts 40 percent of country’s GDP, 90 percent of its export revenue and 80 percent of government’s budget.
Nigeria is amongst the Africa’s 10th largest economies that contribute 77 percent of Africa’s GDP. He said in order to boost foreign investment, Nigerian government created free zone in its territories to favour foreign investments as no custom duty applicable within the free zone.
Dauda said trade with Nigeria was also quite beneficial for Pakistan as Nigeria could serve as a window of business opportunity to the whole of West Africa.
He said great opportunities were being explored by the Nigerian High Commission in the area of agricultural machinery like tractors, pharmaceuticals and export of garments including electro-medical apparatus to Nigeria from Pakistan.
Nigeria offers great investment opportunities to Pakistan in a number of areas including oil and gas, minerals and mining, agriculture and livestock, poultry and fisheries.
Zafar Bakhtawari President ICCI said Pakistan wanted to enhance its trade and economic relation with Nigeria, therefore both the countries should practice liberal visa policy and grant multiple visa of at least 5 years to businessmen of Nigeria and Pakistan so that they could visit each other’s country freely and enhance their mutual relations.