Dele Ogbodo and Comfort Ogbonna
9 November 2009
Abuja — Minister of Commerce and Industry, Chief Achike Udenwa, has said the trade barrier between the Islamic Republic of Iran and Nigeria will soon be broken if Iranian investors look into Nigeria's rich agricultural sector for investments.
He said this direction will be more beneficial if Iran improves its general low level of trade with Nigeria in the area of agriculture, adding that the country is richly endowed with vast potentials in agriculture for Iranian businessmen and investors wishing to invest in that sector.
Decrying the low level of trade volume between both countries, Udenwa said it is quite unfortunate that trade between Nigeria and Islamic Republic of Iran is low despite Nigeria's cordial relationship with Iran. He said Nigeria's export to Iran is in theregion of mere N75million, while import into Nigeria from Iran is N311million.
Udenwa lamented the low level of trade between Nigeria and Iran, which he said could be justified, considering the fact that both countries are major exporters of crude petroleum products, adding that this can be improved upon because Nigeria has abundant resources in agricultural sector, solid minerals and other comparative advantages waiting to be harnessed. He said these while acknowledging the large size of a team of 32 delegates from Iran, accompanied by its Ambassador to Nigeria, Mr. Khosrow Rezazadeh, who paid him a courtesy visit weekend. He said the team, which is one of the largest in recent times, goes to demonstrate the interest Iran attaches to Nigeria. Uenwa said the visit represents a new chapter in Nigeria
and Iran trade relations, as it marks a new beginning for both. He said the low trade notwithstanding trade relations between the two countries, can still be improved upon, especially in the non oil sector where Nigeria has so much to offer. He said Iran's advancement in technology will be at a more comparative advantage to both countries, adding that Iran's exports to Nigeria include cement, machine spare parts,
and industrial goods, Nigeria on the other hand, exports to Iran mainly agricultural produce like ginger, sesame. He admonished the delegates to use the opportunity to discuss with Nigerian businessmen and women who are also waiting for opportunity of this nature, adding that Nigeria's export of two agricultural items does not speak well of Iran's trade relations with Nigeria.
In his remarks, Leader of Iranian delegation, Mr. Hedayat Hatami, said Iranian businessmen are interested in breaking the barrier of trade between Nigeria and Iran. He said, "our emphasis is to deepen our trade relationship with your country. We are the largest producers of industrial products in the Middle East, in agriculture, we are well advanced, we also have great potentials in transportation sector that your country can tap from." Hatami bemoaned the low trade level despite the opportunities that exist between the two countries, adding that "this time around, I hope that this visit will yield positive results and translate into concrete terms for both countries." He also said he is looking forward to seeing Nigerian businessmen in Teheran soon.
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