In a bid to boost Iran-Nigeria trade relations, Nigerian and Iranian officials have deliberated on trade facilitation between both countries.
The Director General of African Bureau of the Trade Promotion Organization of Iran Mohammad-Sadegh Ghannadzadeh made the remarks in the Sixth Iran-Nigeria Joint Commission on Tuesday, stating that Nigeria as Africa’s largest economy is one of the most important economic partners in the eyes of Iran.
Stating that both countries enjoy economic, political and cultural commonalities and are members of the Organization of Islamic Cooperation as well as the Organization of the Petroleum Exporting Countries, Nigeria and Iran possess rich oil and gas reservoirs, and having more than 15 percent of shares of the Islamic Development Bank, their bilateral economic and trade exchanges have not leveled up.
The Iranian official added that statistics showed the trade volume exchanges between Nigeria and Iran stood at about 125 million dollars in last year, which is a tiny fraction in comparison with each country’s external trade of around 100 billion dollars per annum.
Ghannadzadeh further said that all the necessary efforts to enhance bilateral economic relations has been put on agenda, including joint commissions activation , so the Sixth Iran-Nigeria Joint Commission is held today after eight years of pause.
Remarkable accords and documents have also been signed by both countries, which are going to be pursued by the joint commission.
The official added that new joint projects should become operational with the help of both governments and private sectors of the friendly countries.
He further said that three topics are scheduled to be discussed in the sixth joint commission, including industry, mines, trade, banking, investment, agriculture transportation and energy fields as parts of economic sector; education, youths, environment and communications as parts of social affairs; and exchange of criminals, justice, defense, and visa waiver program as parts of political collaborations.
On his part, Nigerian Ambassador to Tehran Yakubu Santuraki Suleiman expressed satisfaction that both countries are determined to develop bilateral ties, adding optimism that the joint commission meeting will help expand mutual economic relationship.
The ambassador added that Nigerians are determined to follow up development of cultural and economic ties, adding that both countries are ready to remove obstacles to reach mutually beneficial outcomes.
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