Philippines and Nigeria to explore opportunities to produce robust bilateral trade.

YarnsandFibers News Bureau 2015-02-04 16:00:00 – Philippine

Philippines and Nigeria need to explore several opportunities to produce robust bilateral trade. Nigeria, being Africa’s largest economy and Philippines , second only to China and Southeast Asia’s fastest-growing economy, they need to strengthen ties to boost bilateral trades and explore business prospects, Chairman Miguel B. Varela of Philippine Chamber of Commerce and Industry (PCCI) said during the hosting of Nigerian and Philippine companies by the PCCI in Taguig City on Monday.

Among the areas Nigeria must consider in the Philippines are agriculture, construction, power, energy, tourism, mining and real estate. While Philippines has a lot of room for exporting furniture garment, textiles, food products, construction materials, health and beauty care products to Nigeria.

Noting the improved business climate of the Philippines, Ambassador Akinyemi Farounbi said in his presentation Nigeria is seeking business opportunities. There are in Philippines to explore possible tie-ups with local firms. It’s not the first time Nigeria has gone to the Philippines to have an interaction like this.

Between 1997 and 2000, Nigeria Associations of Chambers of Commerce, Industry, Mines and Agriculture participated in fairs throughout Philippines. In 1997, some officials ventured into small-scale industries, SME programs too.

Olanipekun Olayinka, director of Nigeria’s Investment Promotion Department, said that Philippine investors can make the most of Nigeria’s stable fiscal policies, large and young market and strong work force.

Nigerian economy has a huge internal and regional market; whatever you bring to Nigeria, they can sell. The market is there. They also have stable macroeconomic and fiscal policies. Nigeria has a privatized power sector and they are serious about corruption.

PCCI plans to hold one-on-one business networking meetings for Nigerian and Philippine companies to explore possible tie-ups.

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