In the last four years, trade between Nigeria and Brazil increased to $9.1bn from $8.2bn. Nigeria mainly imports sugar, rice, vehicles and spare parts, chemical products, aircraft, paper, iron and steel and machinery from Brazil.
However, 96% of Nigerian ex-ports to Brazil consist of crude oil, highlighting that Nigeria is a mono cultural economy which can learn from Brazil by diversifying its export base.
The Consul-General of Brazil in Lagos, Amb. Maria Figueiredo has announced the new interest of Brazilian companies in doing businesses with Nigeria and Nigerians.
Figueiredo, who made the announcement in Lagos at a Brazil/Nigeria Business Forum, said that the companies had realised the need for mutually beneficial business relations with Nigeria.
The Consul-General said:
- A Trade Mission of 11 different companies were at the One-day forum to indicate the new interest of Brazilian companies in the Nigerian economy.
- The Ministry of Foreign Affairs of Brazil and ApexBrasil, a Brazilian Trade and Investment Promotion Agency have, therefore, organised a Trade Mission of 11 Brazilian companies to this forum.
- Brazilian and Nigerian companies are to know themselves and begin to do business together, especially now that Africa is asking for the presence of Brazilian companies.
According to her, the Brazilian Trade Mission seeks to bring closer Nigerian and Brazilian companies, as well as promote international business and strategic partnerships between the two countries.
Figueiredo recalled that Brazil had in the past had good commercial relations with Africa, during which there was an exchange of products between Brazil and African countries.
She enjoined Nigerians and Brazilian companies to take advantage of huge business opportunities that currently existed between both countries.
The Consul-General also advised Nigerians interested in doing businesses with Brazil to always approach the Consulate General of Brazil in Lagos for necessary information and assistance.
Mr Byron Isi, a Deputy Director at the Nigerian Investment Promotion Commission(NICP), who spoke on “Business and Investment Opportunities in Nigeria,’’ described Nigeria as a country with huge business opportunities.
Isi said that it was imperative for Brazilian companies and businesses to know that Nigeria was the largest investment destination in Africa, as well as the gateway to other ECOWAS countries.
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