Nigeria Remains Canada’s Major Trading Partner – Osinbajo
Vice President Yemi Osinbajo said on Monday that Nigeria remains a major trading partner with Canada among countries in Africa.
He stated this at the Nigeria-Canada Investment Summit 2019 with the theme: Reaching Greater Heights.
The Vice President said Nigeria was one of the 10 reforming economies in the world, adding that the summit focuses on the six major sectors of the country’s economy.
Osinbajo said: “The six sectors listed in the summit namely: Education, Healthcare, Mining, Power, Infrastructure, and Agriculture, are the crucial sectors and are very important for the Nigerian economy.
“We encourage all our partners to maximise all the platforms provided and prospects available for businesses to prosper. Our trade and investment sector in Nigeria has remained a major trading partner to Canada in Africa.
“Canada import includes minerals, fuel, cocoa, rubber and many more while it exports vehicles equipment, manufacturing equipment and software.
“We have also increased double taxation agreement in 1999. We expect our foreign investment and promotion to be concluded by both countries as early as possible in 2020.
“However, the next few years promise to be exciting for businesses in Nigeria.”
He urged all visitors and friends of Nigeria to take time to visit the city of Abuja, taste “our Suya and most importantly, our Nigerian jollof rice.”
The Director-General, West and Central African Global Affairs for Canada, Mr. Tarik Khan, said Nigeria remains the largest trade and investment partner to Canada in Sub-Sahara Africa.
He said his priority was to promote trade and investment in the continent, especially in Sub-Sahara Africa, adding that Nigeria is the largest investor into Canada from the region.
Khan said: “As far as our investment is concerned in 2018, Canadian direct investment in Nigeria reported 500 million Canadian dollars, Nigerian represent an attractive market in business services as the third-largest export market in Africa.
“The potential for growth as the Excellency mentioned is significant, in areas of technology, ICTs, Agriculture, Creative Industries, Aviation, Education and Technical Vocational Training in our communities’ projects.
“I am convinced that Nigeria is also an important future market that holds untapped opportunities for Canadian companies, and its young dynamic entrepreneurial population has natural capabilities towards innovation.”