Nigeria and Pakistan are hoping to up bilateral trade to about $1 billion by enhancing trade and economic cooperation in the fields of Pharmaceuticals, Light Engineering products, Surgical Instruments, Automotive Parts, Sports Goods and Value Added Textiles, among others.
Reports show that bilateral trade between Pakistan and Nigeria, dropped from $307 million in 2019 to $146 million in 2020.
Pakistan’s imports from Nigeria fell from $280 million in 2019 to $116 million in 2020 while while the country’s exports to Nigeria increased from $27 million to $30 million in the same period.
However, both nations see considerable potentials to take the trade volume to at least above $1 billion in the short run.
Beside these sectors, there are also opportunities for both countries to enter into Joint Ventures in the field of oil, gas, agriculture technology and renewable energy.
Nigeria’s High Commissioner to Pakistan, Abioye Muhammed Bello said there are huge untapped potentials in the pharmaceuticals, information technology, construction and textile sectors of the two countries can be explored through joint ventures.
Bello, disclosed these at a meeting at the Lahore Chamber of Commerce & Industry, LCCI.
The High Commissioner said that the Nigerian High Commission will extend best cooperation to the private sector of Pakistan for joint ventures with their Nigerian counterparts. He said that we should move forward to boost mutual trade and economic ties. He underlined the need to establish more banking channels to smooth bilateral trade.
“Nigeria and Pakistan share a lot of commonalities. The two countries enjoy unique geographical locations which are strategic in their respective continents,” he added.
LCCI President Mian Tariq Misbah, on his part said that Nigeria and Pakistan maintain a close relationship and both are key members of the Organization of Islamic Cooperation and Commonwealth.