And Pakistani businessmen like what they see
Pakistan and Nigeria have agreed to boost their trade volume from the existing US$100 million to US$300 million in the coming years, as Nigerian High Commissioner Dauda Danladi struggles to increase the volume even further.
In an exclusive talk with Pakistan Today, Danladi highlighted the business opportunities in the sixth largest oil producer in the world.
“According to the figures of the world bank Nigeria has become the largest economy of Africa, surpassing South Africa, with a GDP of 545.5 billion [US$] and a consistent growth of seven per cent. The gas reservoirs are three times the oil ones and this is the most opportune time to invest in various sectors in Nigeria,” he said.
Pakistani President Mamnoon Hussain recently visited Nigeria and both countries have signed various treaties on trade, drug control and cultural exchange. “The plan is to increase cooperation in all these sectors. We have already taken business delegates to Nigeria and shown to them the environment there and other opportunities,” he added.
Other than the fertiliser industry, the agriculture equipment industry, the pharmaceutical industry and the textile sectors are also other avenues for investment without taxation
Danladi explained how Nigeria has to import millions of tons of fertiliser every year despite having large gas reservoirs. “The land is very fertile for investment in the fertiliser industry because we have lots of gas. I have met with Pakistani fertiliser groups and took some delegations of businessmen to Nigeria also to invest in this sector. We have also got duty free trade zones where there is zero taxation and the only purpose is to generate employment,” he said, adding that not only the local market, but the fertiliser can be exported from there as well.
Other than the fertiliser industry, the agriculture equipment industry, the pharmaceutical industry and the textile sectors are also other avenues for investment without taxation.
The high commissioner has held meetings with various business groups in the aforementioned sectors and introduced them to the Nigerian market. Those include rice producers, textile manufacturers, and tractor parts developers.
“The business community here has shown a keen interest in investing there and we hope to provide a business friendly environment to all new comers,” he said.
He also maintained that Asia is the focus of Nigeria as trade and development partners. “We have a trade volume of US$20 billion with India but very little with Pakistan; we want to bring it as par and even more with Pakistan as well,” he added.
The developing world has many similar challenges and if one responds to it appropriately, others can benefit from it. Nigeria has successfully eradicated the Ebola virus and the ambassador maintains that the Europeans have come there to learn from their experts. Unfortunately, Nigeria is one of the three countries, including Pakistan, which are still fighting polio. However, Nigeria has only less than 10 cases reported this year so far and the ambassador believes it is also near eradication.
He also believed that the worst democracy is better than the best dictatorship where people don’t have the freedom to impeach the rulers
“We divided the entire country into zones and sub-zones and mobilised the clerics, politicians and community leaders to create awareness among the people about the effectiveness of the vaccine by drinking the drops themselves. It worked and we are near eradication,” he said.
Moreover, on the political front, he said Nigeria has been an uninterrupted democracy for the past 15 years and the ambassador believed it to be the way forward. “Extremism and dictatorship are old-fashioned; the way forward is through education and democracy, where you have freedom of speech, freedom of press and the freedom of choice. Most importantly is the freedom to impeach your rulers, which is a great thing,” he said.
There are a lot of skeptics of democracy as a system and see it as an extension of feudalism, however, with time the change, though gradual, does take place. “Even in Pakistan the entire cabinet has been replaced by a new party after the general elections, a new party has gotten hold of an entire province, which is definitely a big change. Nigeria also toes the same line of democracy and freedom which is the way forward in today’s world for progress and harmony,” he added.
He also believed that the worst democracy is better than the best dictatorship where people don’t have the freedom to impeach the rulers.
He also spoke about the importance of Asia as a trading partner and how any “grey area” in the region affects the overall trading interests. He believed that the Kashmir dispute should be resolved as per the UN resolutions. “Nigeria is also a non-permanent member of the UN security council and has always supported the cause of Kashmir that it should be resolved as per the UN resolutions and peace should prevail in the region,” he said, adding that only peace can guarantee long-term benefit for all the states.
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