Nigeria, Canada target $6b trade volume by 2015

Nigeria and Canada have resolved to strengthen trade and investment ties by leveraging on areas of comparative advantage.

The two countries also agreed on strategies to double the volume of trade between them to $6 billion by 2015 as Canada also plans to review its visa processing time to aid trade and investment with Nigeria. Nigeria’s value of merchandise trade with Canada stood at about $2.7billion in 2011.

The decisions were reached during a meeting of the Nigeria-Canada Bi-National Commission in Abuja, co-chaired by the Nigerian Minister of Trade and Investment, Olusegun Aganga, and the Canadian Minister for International Trade, Ed Fast.

Speaking during the meeting, Mr. Aganga said that Nigeria and Canada would significantly enhance their socio-economic ties through the Bi-National Commission by working on mutually beneficial growth projects along areas of competitive and comparative advantages.

He said, “Nigeria is one of Canada’s largest trading partners in Sub-Saharan Africa. In 2011, Nigeria’s value of merchandise trade with Canada stood at $2.7billion; consisting of $2.5billion in Nigeria’s exports to Canada and $199 million import.”