Abuja – Mr Francisco Diaz, Leader Mexican Trade Mission said that the trade between Mexico and Nigeria has gone from 35 million to 300 million dollars in 2015.
Diaz said this in Abuja on Monday at a Mexico-Nigeria Business Forum.
“Trade between Mexico and Nigeria has grown exponentially in the last decade.
“ It went from 35 million dollars to 300 in 2015. Our job is to build upon this trend, and also in terms of investment.
“Approximately, 80 per cent of Mexican exports to Nigeria come from manufactures, among which are: plastics, medicines, prefabricated constructions and construction materials, like steel tubes,’’ he said.
Diaz said the mission’s job was to build upon the trend and the terms of investment.
He said the 80 per cent of Mexican exports to Nigeria was from the manufacture of plastics, medicines, prefabricated constructions and construction materials, such as steel tubes.
According to him, Mexico will explore the various business opportunities as part of efforts to ensure effective investment in Nigeria.
Diaz said the objective was to open new markets for Mexican companies and further develop a comprehensive strategy of positioning Mexico in this region.
He said such would strengthen the link between Mexico and Nigeria as global players in business.
“We are confident that this event and our mission are very important steps to consolidate a vision and common direction for the future.
“The various actions and exchanges of best practices will strengthen the connection between our regions, as well as our positions on the global scene,’’ Diaz said.
He said that currently, seven African economies are the fastest growing worldwide.
He added that Africa was expected to continue rising at a growth rate of five per cent to 2016.
“This continent is also experiencing a take-off in construction of public services, such as roads and hospitals, which could mean business opportunities for Mexican companies,’’ Diaz said.
He said Nigeria would see progress made in the delivery of infrastructure projects, transport and energy sectors.
“Our goal, therefore, is to inform the Mexican business community what the Nigerian market really represents.
“We are confident that stronger business ties between Mexico and Nigeria will be beneficial for everyone.
“As for business opportunities, we have identified the agrifood, chemical, medical devices, manufacturing and construction, cosmetics, textiles and clothing, and fertilisers among others,’’ he said.
Earlier in her speech, Mrs Ladi Katagum, Acting Executive Secretary, Nigeria Investment Promotion Commission (NIPC) said the country had abundant natural resources with political and economy stability.
Katagum said the current administration was tracking the issues of corruption and insecurity.
She said the commission provided after care, advice and advocates for favourable investment policies to attract and support quality investors.
Katagum said the commission would also remove all bottlenecks in business, coordinate and facilitate investment.
She added that NIPC was facilitating investments in the country and taking a more proactive role as an agent of development.
Katagum added that the commission was repositioning itself to attract quality investments in productive sectors and mobilising a supportive business service as provided in the One-Stop Investment Centre.
She explained that the One-Stop Investment Centre was government’s strategy to streamline investment procedures, provide prompt, efficient and transparent services and coordinate investment-facilitating agencies.
“The role of the commission is to ensure that intending investors really invest in the country, she said.
She added: “our role is to ensure that intending investors come back to invest, that is why there is a committee that tracks all potential investors to ensure that they are provided with necessary information.
“We will also give investors contacts of technical ministries in charge of the sectors so that they will be educated on all the technical details of investing in a particular area to enable them to make informed choices.
“NIPC will also be in close contact with investors from pre-establishment to post establishment stage of every project to ensure that progress is sustained and protected.’’
Also, Mrs Dorothy Ogbutor, Head, Specialised Business Department of Nigerian Export-Import Bank (NEXIM), said the bank would complement the role of the commercial banks and other development financial institutions.
Ogbutor said the focus of the bank was on the undeserved markets and that it granted short, medium and long term loan.
She said the purpose was to assist manufacturers of export goods to have adequate working capital to stock needed raw material that were mainly seasonal in nature and to achieve export credit guarantee.
Ogbutor added that funding intervention was being provided for exporters of small scale businesses. (NAN)