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Nigeria, Brazil To Collaborate On Trade, Investment

Nigeria, Brazil To Collaborate On Trade, Investment

Nigeria’s memo of understanding with Brazil does more than re-affirm their collaboration on trade and investment.

According to a report in All Africa, the agreement highlights new areas in which the two countries can join forces towards the goal of doubling their mutual trade opportunities.

Olusegun Aganga, Nigeria’s Minister of Industry, Trade and Investment, signed the document on behalf of Nigeria. The agreement, he said, includes the sectors of infrastructure, power, automobile, agriculture and sugarcane to sugar, as well as others.

“We have agreed that we need to look at the non-oil sector and double trade within the next two years in all the sectors in terms of industrial products, services, agriculture … So, this agreement will cover cooperation in all these areas including how we double trade between the two countries, and of course how we attract investment into strategic areas of the economy,” said Aganga.

Some obstacles to trade between the two countries need to be solved to facilitate cooperation, he said, citing as examples the lack of direct flights from Nigeria to Brazil and the difficulty in obtaining visas at the Brazilian Embassy.

Ricardo Shaefer, Brazil’s minister on Development, Industry and Foreign Trade, agreed that some obstacles exist, but stated that cooperation between the two countries could solve these issues to the benefit of both.