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Nigeria, Canada sign agreement to reinforce trade relations, target $6bn trade volume by 2015

By Ottoabasi Abasiekong on January 29, 2013

Minister of Trade and Investment, Olusegun Aganga

The Nigerian Government and the Canadian Government yesterday signed a memorandum of understanding to reinforce trade and investment ties between both countries.

Both countries came to term by leveraging on areas of competitive and comparative advantage.

They have resolved to setting a target for 2015 with the hope that trade relations between the two countries would increased to around $6bn.

To achieve this feat the Canadian government agreed to reconsider its visa processing time for Nigerians to 10 days.

It was during the Nigeria-Canada Bi-National Commission meeting in Abuja that the agreement was signed. The meeting was chaired by the Minister of Trade and Investment, Mr. Olusegun Aganga and the Canadian Minister for International Trade.

A combined statement issued at the end of the meeting stated that “The two Ministers noted the rapidly growing volumes of trade between the two countries and welcomed the commitment by the Canada-Nigeria Business Association to double the volume of trade by 2015 to $6bn.

“The ministers particularly welcomed the strong role of the private sector in expanding the two countries’ economic ties and agreed on the importance of renewed efforts to ensure that each country’s private sector is more acquainted with the opportunities in the other country.”

Aganga said the development would help to generate employment, create wealth, and add to economic growth in the country.

Aganga said the assembly availed the stage for both countries to reassess their socio-economic progress with a view to uniting on gains and re-strategising for improved growth.

“Nigeria and Canada share strong and increasing trade and investment relations. Canada is a top player in international trade, which makes up a large part of the Canadian economy,” he said.

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