“We encourage all our
partners to maximise all the platforms provided and prospects available for
businesses to prosper. Our trade and investment sector in Nigeria has remained
a major trading partner to Canada in Africa,” Osinbajo said.
Vice President Yemi Osinbajo
on Monday in Abuja said that Nigeria remains a major trading partner with
Canada in Africa.
Osinbajo said this at the
Nigeria-Canada Investment Summit 2019 with the theme: Reaching Greater Heights.
He added that Nigeria was one of the 10 reforming economies in the world,
adding that the summit focuses on the six major sectors of the country’s
economy.
“The six sectors listed in
the summit namely: Education, Healthcare, Mining, Power, Infrastructure, and
Agriculture, are the crucial sectors and are very important for Nigeria’s
economy.
“Canada import includes
minerals, fuel, cocoa, rubber and many more while it exports vehicles
equipment, manufacturing equipment, and software.
“We have also increased
double taxation agreement in 1999; we expect our foreign investment and
promotion to be concluded by both countries as early as possible in 2020.
However, the next few years promise to be exciting for businesses in Nigeria,’’
Osinbajo said.
He urged all visitors and
friends of Nigeria to take time to visit the city of Abuja, test “Our Suya and
most importantly, our Nigerian Jollof rice”.
Mr. Tarik Khan, the Director-General,
West, and Central African Global Affairs Canada, said Nigeria remains the
largest trade and investment partner to Canada in Sub-Sahara Africa. He said
his priority was to promote trade and investment in the continent, especially
in Sub-Sahara Africa, adding that Nigeria is the largest investor in Canada
from the region.
“As far as our investment
is concerned in 2018, Canadian direct investment in Nigeria reported 500
million Canadian dollars, Nigerian represent an attractive market in business services
as the third-largest export market in Africa.
“The potential for growth
as the Excellency mentioned is significant, in areas of technology, ICTs,
Agriculture, Creative Industries, Aviation, Education and Technical Vocational
Training in our communities’ projects.
“I am convinced that
Nigeria is also an important future market that holds untapped opportunities
for Canadian companies, and its young dynamic entrepreneurial population has a natural
capability towards innovation.
“Nigerian recent decision
to join the African continental free trade area and to see greater economic
integration with its neighbours, we only expect more opportunities to emerge.
Innovation is the key to our common future as we know in this industrial
revolution and building human capacity in the growth sector of the future is
what we need to aim,’’ he said.
He said that Canada has
introduced several policies that favour greater trade and investment in
emerging markets like Nigeria in recent years.
“With the shifting wind of
international trade, our government has recognised the need that our export and
investment links are more diversified.
“For this reason, we have
launched our trade diversification strategy. Canada is committed to investing
1.1 billion dollars to help Canadian businesses access new markets with the
objectives of increasing international exports by 50 percent by the year
2025,’’ he said.
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