$1b trade volume attainable between Nigeria, Pakistan, says Envoy
By Mahmood Olayinka Alaya
The Nigeria High Commissioner to Pakistan, Ambassador Mohammed Bello Abioye, is optimistic that Nigeria and Pakistan could attain $1billion trade volume in quick succession with renewed commitment between both countries.
He added that the hurdles would have to be cleared for the realization of the initiative.
Ambassador Abioye spoke during his farewell visit to the Karachi Chamber of Commerce and Industry (KCCI), marking the completion of his diplomatic tenure in Pakistan.
“Keeping in view the enhanced cooperation between Nigeria and Pakistan, I am fairly optimistic that the two brotherly countries will be able to achieve trade volume of $1billion within a very short time, which is achievable, if we fill all the gaps and come closer to each other”, he added.
He expressed concerns over what he identified as ‘very low trade volume between Nigeria and Pakistan’, despite good political and diplomatic relations, and attributed it to lack of adequate information about each other, foreign policy related issues, poor connectivity and delays in visa processing.
The envoy said the issues hindering trade were recently discussed and gradually addressed, saying that it has led to improvement in trade volume and may expand with time.
Ambassador Abioye said both countries would have to explore great potential in their populations to improve trade and investment cooperation.
He added, “But to achieve the desired results, the existing gaps have to be filled so that the business communities come closer and jointly explore innumerable trade and investment opportunities in both countries”.
He underscored the need to have maximum number of exchanges of trade delegations between Nigeria and Pakistan with a view to identifying new avenues to enhance trade and investment cooperation.
“This should be in addition to looking into the possibilities of undertaking joint ventures either in Nigeria or Pakistan, which would prove favourable for both the economies.
“It is a well-known fact worldwide that Karachi is the financial and commercial hub of Pakistan, and it is the basic reason the Nigerian High Commission has always maintained close ties with KCCI”, he said.
Ambassador Abioye appreciated the hospitality, support and cooperation friends and well-wishers extended to him in Karachi throughout his tenure.
He informed that the Nigerian High Commission has made it a policy matter to process visa applications within 48 hours and hundreds of visas were being issued to Pakistanis within the timeframe.
The envoy said, “We would also like to see Pakistani authorities reciprocating similar approach for issuing visas to Nigerians”.
He said opportunities are available in abundance in Pakistan for Nigerian businesses, pointing out that the country can also offer good trade and investment opportunities to Pakistani businessmen who must take advantage of the situation.
“Foreign investors in Nigeria are allowed full repatriation of profits and many other incentives, including low taxes, tax holidays and lots of other facilities”, he added.
The KCCI President, Iftikhar Ahmed Sheikh, in his remarks, said that Pakistan’s Look Africa Policy could accelerate trade and strengthen economic ties with Nigeria, which would stimulate Pakistan-Nigeria businessmen to explore new markets for bilateral economic integrations.
“Nigeria offers a huge market for Pakistani food products including cereal, sugar, confectionaries, dairy products and fertilizers”, he said.
Sheikh advised Nigerian investors to capitalize on exciting investment opportunities in Pakistan’s various sectors such as energy, renewables, food security, industrial and sports, tourism and hospitality among others.
He, however, congratulated the envoy on the successful completion of his tenure in Pakistan and lauded his impactful role in enhancing business and trade relations between the two countries.
END
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