Nigeria, Brazil explore areas of advantage to boost trade ties

To boost bilateral ties between Nigeria and Brazil, investors from the two countries have unveiled efforts to explore new areas of investments by the way of joint ventures and participating in government’s backward integration plan.

According to stakeholders, while there are opportunities for potential investments to be initiated, links should be created to facilitate such investments in Nigeria.

The Consul-General of Brazil in Lagos, Ambassador Maria Auxiliadora Figueiredo, while speaking at a business forum in Lagos, on Monday, said Brazil exited from recession by deepening its bilateral ties with other countries especially in the area of agric export.

She emphasised the need for the stakeholders to explore areas of business cooperation adding that Brazil was ready to assist Nigeria in the area of research innovation for products that Nigeria was yet to develop its export capacity.

She added that the embassy would also facilitate the granting of visas to willing investors who may want to visit Brazil for trade facilitation programmes.

The President of the Nigeria Brazil Chamber of Commerce and Industry (NBCCI), Emmanuel Ibru explained that the chamber is working with relevant agencies in Brazil to foster trade ties with the country, adding that there are opportunities for potential investors in the country.

“There is need for direct links between the two countries. Nigeria is not just the most populous black nation but also the gateway to the ECOWAs region. Nigeria cannot be ignored. We urge investors to look at the agricultural sector for investment opportunities that will sustain the growth recorded in the sector”, he added.

Representative of the Brazilian Trade and Investment promotion Agency (Apex-Brasil), Diogo Akitaya identified areas of common interest with Nigeria, adding that the agency has invited Brazilian companies to partner with Nigerian firms in harnessing opportunities in the country.

In his presentation, the representative of Stanbic IBTC Nigeria, Dele Kuti, identified measures taken by the Federal Government to de-risk investment in Nigeria’s real sector, adding that government is encouraging backward integration in a way to encourage investors to make inroads to the sector.

Kuti noted that the nation’s economic fundamentals are strong to be affected by the identified political risks in many economic reports, even as he reinforced measures by the banking sector to finance investments in Nigeria’s real sector.