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Nigeria Establishes New Rounds of Bi-Lateral Agreement with Pakistan

By on November 23, 2012

 

Minister of Trade and Investment, Olusegun Aganga

As part of efforts of fostering improved trade relations, the Nigerian and Pakistani Governments have both agreed to enter into new rounds of bi-lateral agreements that should enhance a strategic partnership to boosting the Industrialization efforts  of both Nations.

Minister of Trade Dr Olusegun Aganga stated this in Islamabad, Pakistan as the week long D-8 Summit of key developing Nations in the globe draws to a close.In an interaction with journalists.

The minister said,  “There are four areas we have agreed to work together, One is Financing of SME’s. They have a system here; they use mobile phones and it has worked well and where they share risk and profit with SMEs of the country. It has been found to be successful in some areas. We are looking at how that can be applied to Nigeria quickly because we have a very big SMEs sector. That is the sector that drives economic growth and job creation.”

One of Nigeria’s enormous challenge has been harnessing the potentials of an enterprising youthful generation that run 70 percent of the SMEs in the country,  by providing the necessary infrastructure and enabling environment for them to thrive and be effective.

Nigeria and Pakistan reached agreements to collaborate in the areas of sugar production, textiles and the financing of Small and Medium Enterprises. The partnership was effected by Trade Minister Dr Olusegun Aganga for Nigeria and his Pakistani counterpart Mr Munir Qureshi.

With this new partnership Nigeria should would explore the great opportunities that will come through exchange of ideas with the Pakistani with a view to driving innovation to bolster its economy as it continues its quest to become a key competitive Nation by 20:20.

It is expected that this development will lead to more strategic partnerships with other key economies that have great value for innovation, technology, development and encouragement of SME’s.