Nigeria targets $1b trade

Nigeria would enhance two-way trade with Pakistan to $ 1 billion by the end of 2013 by enhancing interaction between the business communities of both the countries.

This was stated by High Commissioner of Nigeria to Pakistan, Mr. Dauda Danladi Mni while addressing business community at Islamabad Chamber of Commerce & Industry. He attached great importance to boost economic interaction with the Government of Pakistan, particularly the business community.

High Commissioner said that Nigerian economy largely dependent on oil which accounts 40pc of country’s GDP, 90pc of its export revenue and 80pc of government’s budget. He said that Nigeria is amongst the Africa’s 10th largest economies that contribute 77pc of Africa’s GDP. He said that in order to boost foreign investment, Nigerian government created free zone in its territories to favour foreign investments as no custom duty applicable within the free zone.

Dauda said that trade with Nigeria is also quite beneficial for Pakistan as Nigeria can serve as a window of business opportunity to the whole of West Africa.