Nigeria, Australia Trade Relations Hit $350 million

Australia’s High Commissioner, Paul Lehmann has disclosed that his country’s trade volume with Nigeria has reached $350 million.

The high commissioner, who disclosed this in an interview with The Guardian in Abuja, stated that the figure fluctuates from year-to-year due to the fact that trade relations between the two countries is anchored on commodities.

He added that Australia’s main exports to Nigeria were wheat products and both countries had shared interests to enhance relations in other areas to move beyond bulk commodities.

According to him, “Nigeria is an exporter of hydrocarbons and an importer of such things from Australia as wheat.

He further explained that Australia is working assiduously to diversify areas of trade with Nigeria.

“There are other things in the mix, but part of what I would like to do is to encourage diversification and broadening of our trade mix. We are also looking at where we can provide services and expertise, particularly in the agricultural sector.

Lehmann disclosed that Australia is interested in enhancing its partnership with Nigeria in the area of mining.

He said Australia is willing to harness Nigeria’s mineral potentials and expand relations between both countries.

“We have interest from Australian mining companies who are looking at how they can participate in the emergence of mineral extractive sector in Nigeria.

“The federal government has done a lot to ensure that the right policies are in place in order to encourage mining investors to bring in their expertise to help make that a successful venture.

“It is an opportunity to diversify the economy in a way that ensures that Nigerians benefits from these industries; obviously the investors will benefit as well, it will be a win-win situation for all.

Source: Guardian