'Look Africa' a good initiative by Pakistan govt, says Nigerian HC.

LAHORE -- High Commissioner of Nigeria Mohammed Bello Abioye has said that Nigeria is the most populous and biggest economy in Africa and 'Look Africa' by the government of Pakistan is a good initiative for the enhancement of mutual trade and economic ties.

Addressing the business community here at the Lahore Chamber of Commerce and Industry (LCCI), the High Commissioner, who was on his farewell visit, said that Pakistan is his second home and he would continue to facilitate Pakistani businesses in Nigeria.

He said, "We are introducing medium of communication between Pakistani and Nigerian business people in order to increase trade opportunities and the Nigerian High Commission has eased visa processing."

The HC said that facilitating and fast tracking business activity is what they are working for, and they were trying to encourage investments in Nigeria.

in his welcome address, LCCI President Kashif Anwar appreciated the High Commissioner for keeping regular interaction with the LCCI. He said, "We attach a lot of value while talking about trade and economic relations with Nigeria which is one of the largest economies in Africa with GDP touching 500 billion dollars."

Kashif Anwar said that as per trade data taken from State Bank of Pakistan, the volume of bilateral was around 117 million dollars in 2021-22 which came down to 52 million dollars in 2022-23. He added that the main reason for this fall was an instant dip in imports from Nigeria which drastically decreased from 50 million dollars to 4 million dollars during that period. "In the meantime, the exports from Pakistan to Nigeria also contracted from 67 million dollars to 48 million dollars. These trade trends call for making some serious efforts from private as well as public sectors from both countries."

The LCCI president said that Pakistan's main exports to Nigeria consist of pharmaceutical products, tractors and parts and some textile products etc. On the other hand, Pakistan imports from Nigeria include petroleum gas, cotton and resins etc. He added that the total global imports of Nigeria are above 60 billion dollars while the total exports of Nigeria are above 63 billion dollars. There is considerable potential for both countries to take the trade volume to at least 1 billion dollars.

He said that Nigeria imports wheat (worth 2260 million dollars), sanitary fittings (worth 973 million dollars), sugar (worth 844 million dollars), medicaments (worth 828 million dollars) and...