The Nigeria Export Promotion Council (NEPC) and the Nigeria, Malaysia Business Council (NMBC) is partnering with the Malaysia External Trade Development Corporation (MATRADE) to boost trade and investment for the benefits of the two countries.
NMBC President, Michael Aderohunmu, said the mutual co-operation will boost trade and investment on both sides of the divide.
Speaking during the establishment of the Nigeria-Malaysia Trade Corridor in Abuja, Aderohunmu said trade and investment are essential to drive businesses with capacity to galvanise resources from both countries to power sustainable economic growth.
He said: “The world is changing rapidly we are talking about “Trade War” and (we) are witnessing “New Economic Order and Trade Re-alignments, therefore, we have so much to do to place Nigeria -Malaysia trade relationship on a high pedestal. We are placing emphasis on improved mechanism in trade and in exchange of goods and services mutually beneficial to our economies. The idea of establishing Nigeria-Malaysia Trade Corridor is to improve trade conditions, taking into account the interests of both countries.”
He said the trade corridor will involve series of targeted products in sectors such as agriculture, oil and gas and SMEs.
The NMBC chief also stated that the trade corridor would lead to efficient service delivery and create wealth in sectors such as agriculture, particularly the oil palm and agribusiness development with innovative approach for value addition.
Aderohunmu further explained that the trade corridor would also create durable and sustained partnership by investing in the oil palm value chain as agriculture forms the backbone of the Nigerian economy.
Source: The Nation