31 January 2013

Nigeria-Canada Trade Hits U.S.$2.7 Billion

Nigerian High Commissioner to Canada, Chief Ojo Maduekwe, has disclosed that the volume of trade between Nigeria and Canada has risen to $2.7 billion with the country being Canada's largest trading partner in Africa.

Maduekwe said this in Abuja, Tuesday at a briefing on the upcoming Nigeria- Canada Investment conference scheduled for May 2 and 3, 2013, in Toronto.

He added that in spite of Nigeria's security challenges, the country remains one of the most profitable countries to do business because of the huge market available.

Investors, he said, were able to weigh the risks against the opportunities available in Nigeria.

"Mexico is one of the fastest growing economies in the world, yet what you see on cable television make you wonder how people still exist there due to the number of deaths from fight among drug cartels. Even Iraq had major companies moving in to establish," he said.

He added that the on-going visit of Canada's Minister for International Trade, Mr. Ed Fast was the third by a Canadian cabinet minister in the last four months, which he said, signified growing bilateral ties and interests between both nations.

"There are opportunities for synergies in all sectors," he said while calling on Nigeria's youth to tap into the potentials offered by the highly successful Canadian economy and successes as the country with one of the best education structure in the world.

The President of the Canadian Council on Africa, Mr. Lucien Bradet, said the upcoming conference would be the largest organised by Canada and an African country and it is expected that marriages of trade would be made at the conference.

"I must let you know that it is a big task, we have to let Canadians know that Nigeria is the future, the leading tiger of Africa. Discussions and synergies would be held on all subjects; aviation, transportation, education, and others," he said.

He disclosed that about 4000 Nigerians are currently studying in Canada.

Meanwhile, Fast has congratulated Bombardier for opening a new authorised service facility at Murtala Muhammed International Airport in Lagos to serve its business-aircraft operators.

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