Abuja — ZAMBIA and Nigeria have agreed to strengthen bilateral relations to accelerate economic growth of the two countries.

Briefing the Press soon after a closed door meeting held in Abuja yesterday afternoon, President, Rupiah Banda and his Nigerian counterpart, Umaru Musa Yar' Adua acknowledged the need to co-exist in the face of imminent global economic meltdown.

President Banda said a delegation of Nigerian business experts would visit Zambia to discuss agreements in various sectors of the Zambian economy,a development that could help reduce the country's dependence on mining, which was yielding low profits due to declining copper prices on the global market.

Mr Banda said he was proud that Nigeria was one of the few African countries that had invested in Zambia.

He expressed happiness that Access Bank of Nigeria had declared interest by opening a branch in Zambia, a development that would significantly contribute to the growth of a viable financial sector in the country.

He was confident that more financial institutions from Nigeria would penetrate the Zambian financial market.

Mr Banda also revealed that a major Nigerian cement manufacturing company had agreed to open a plant in Zambia.

Mr Banda also told journalists that Nigeria had agreed to help Zambia achieve crop diversification in agriculture by encouraging production of cocoa and palm oil, among other crops.

President Banda said he opted to commence his tour of duty withNigeria because the west African country was among frontline states that immensely contributed to the liberation struggle of the African continent.

Mr Banda said Zambia was fortunate to have Nigeria as a partner in economic development.

"We have seen that your financial sector has established itself as one of the best financial sectors in Africa and your banks are recognised world-wide as some of those properly regulated and with the capacity to grow and help us. That's one other reason we chose to come here first," he said.

And Nigeria's President, Umaru Musa Yar' Adua, said the visit by President Banda came at a time when more efforts were needed by world leaders to discuss economic challenges that currently threaten the welfare of the people.

Mr Yar'Adua added that apart from economic development, he and President Banda discussed the socio-political situation in Africa, particularly that of Zimbabwe.

Mr Yar'Adua regretted the deteriorating humanitarian crisis that had led to a seemingly breakdown of negotiations in terms of implementation of the power-sharing agreement in Zimbabwe.

He, however, said he was optimistic that one day, the problems in Zimbabwe would be a thing of the past, adding that the Southern African Development Community (SADC), which was mandated by the African Union (AU), had made tremendous progress in trying to resolve the crisis.

He said SADC and AU should still be commended for having managed to broker the deal that resulted in the signing of a power-sharing agreement between President Robert Mugabe and opposition leader, Morgan Tsvangirai, which brought peace to that country.

President Yar'Adua regretted the failure by the two parties to implement the agreement, saying the disagreement was on who should control sensitive ministries.

President Banda was expected to return home yesterday.-ZANIS