Nigeria-Pakistan Joint Commission would start working soon to further strengthen bilateral trade and investment relations as all arrangements have been finalised to ink an agreement in this regard by the end of next month, said Nigerian High Commissioner to Pakistan Dauda Danladi while speaking at the Lahore Chamber of Commerce and Industry on Monday.
The High Commissioner said establishment of the joint commission is proof that the two sides are well on their way to reap the economic potential in Pakistan and Nigeria. He said this single step would help raise the volume of two-way trade to $1 billion by the end of next year.
He said Nigeria offers great investment opportunities to Pakistan in a number of areas including oil and gas, minerals and mining, agriculture and livestock and poultry and fisheries.
He said investments made in Nigeria are not only fully guaranteed by the government but would also give rich dividends for investors. He said 100 percent import and export exemption and complete repatriation of capital and profits is allowed on investments made in four free trade zones in Nigeria.
Speaking on the occasion, the LCCI President Farooq Iftikhar said Pakistan does consider the value of strengthening trade and economic relations with Nigeria keeping in view the huge market of Africa.
Iftikhar said Pakistan and Nigeria are also members of Organization of the Islamic Cooperation (OIC) and have friendly and strong diplomatic relations.
He said Nigeria is one of the major member states of the African Union and is classified as an emerging market rapidly approaching middle income status.
However, he said this relationship has not been translated into tangible economic ties because Nigeria unfortunately does not figure prominently among the trading partners of Pakistan.
The downward trend in exports of Pakistan to Nigeria and overall downfall in bilateral trade is a matter of concern, he said.
Major export items from Pakistan to Nigeria are medicament mixtures, cotton fabrics, woven fabric of synthetic fiber, tractors, garments, and electro-medical apparatus. Items of imports from Nigeria to Pakistan comprise cotton, raw hides & skins, pharmaceutical products and articles of rubber.
Iftikhar said Pakistan is capable of facilitating the Nigerian market with better quality products at competitive rates.
