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Nigeria parleys with Canada on stronger economic ties

By on February 1, 2013

Nigeria and Canada have resolved to strengthen trade and investment ties between both countries by leveraging on areas of competitive and comparative advantage.

The two countries also agreed on strategies to double the volume of trade between them to $6billion by 2015 just as Canada disclosed plans to review its visa processing time to aid trade and investment with Nigeria. Nigeria’s value of merchandise trade with Canada stood at about $2.7billion in 2011.

The decisions were reached during the Nigeria-Canada Bi-National Commission meeting in Abuja, co-chaired by the Nigerian Minister of Trade and Investment, Mr. Olusegun Aganga; and the Canadian Minister for International Trade, Hon. Ed Fast.

Speaking during the meeting, Aganga said that Nigeria and Canada would significantly enhance their socio-economic ties through the Bi-National Commission by working on mutually beneficial growth projects along areas of competitive and comparative advantages.

“Nigeria is one of Canada’s largest trading partners in Sub-Saharan Africa. In 2011, Nigeria’s value of merchandise trade with Canada stood at $2.7billion; consisting of $2.5billion in Nigeria’s exports to Canada and $199million import.

“The bulk of Nigeria’s export to Canada, however, revolves around oil and gas. It is therefore imperative for us to strengthen our relationship by widening our export into the non-oil sector,” he said.

Aganga noted that the meeting provided a veritable platform for the two countries to review their socio-economic progress and chart a new roadmap for increased trade and investment and enhanced economic growth on both sides.

“The establishment of the Nigeria – Canada Bi-National Commission (NCBNC) to further facilitate and strengthen the bilateral cooperation between our two countries is indeed an initiative worthy of commendation. This meeting today serves as an avenue for Nigeria and Canada to review the socio-economic progress of both countries with a view to consolidating on gains and re-strategizing for enhanced growth,” he said.

Also speaking during the meeting, Ed Fast said that Nigeria remained Canada’s trade and investment priority in Africa, adding that arrangements were ongoing towards signing an Investment Protection Agreement with Nigeria as part of efforts to enhance trade and investment between the two countries.

He said, “Trade and Investment are the twin engines of economic growth and Nigeria represents Canada’s number one trade and investment interest in Africa. In this period of global economic uncertainty, Canada is committed to building strong economic partnerships with emerging economic powers like Nigeria. In order to achieve this, we are taking steps to enhance business ties between Canada and Nigeria.

“We are looking at ways of increasing mutually beneficial and prosperity generating investments between Canada and Nigeria through Foreign Investment and Protection Agreement, which we are considering now with our Nigerian counterpart. We are also working hard to get visa processing time to global standards of 10 working days. It is important that Canada and Nigeria work together to create a climate where businesses can thrive to build a brighter future for Canadians and Nigerians alike.”

A joint communiqué issued at the end of the meeting said, “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 $6billion.

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.

“Recognising that people-to-people ties are essential for commerce, the two ministers agreed to take steps to facilitate the freest possible movement of business travellers and students between the two countries.”

The two countries are seeking increased collaboration on bilateral trade relations, infrastructure (rail, aviation, road and ICT), power (electricity, oil and gas), mining, education/vocational training, anti-corruption/Corporate Social Responsibilities, agriculture and Foreign Investment Protection Agreement (FIPA).

Nigeria’s High Commissioner to Canada, Mr. Ojo Maduekwe, Canadian High Commissioner to Nigeria, Mr. Chris Cooter, high level officials from Canada, including representatives from the Exportation and Development Canada, Canadian Commercial Corporation (CCC) and the Canadian Private Sector, as well as representatives of Ministries, Departments and Agencies of the Federal Government of Nigeria were at the meeting.
[Daily Independent]