Nigeria-Norway Trade Volume hits $30b

The trade volume between Nigeria and Norway stands at $30 billion, the Norwegian Ambassador to Nigeria, Jens-Petter Kjemprud, has said.

At a forum by the Nigerian Norwegian Chambers of Commerce (NCNN) in Lagos, during the week, he said there is a lot both countries can do together.

The envoy said, for instance, that Norway investors are planning to increase investments in Nigeria’s oil and gas industry with focus on the power sector.

According to him, Nigeria’s manufacturing sector can only compete globally if the sector gets cheap and stable power supply.

“The power sector needs to be regulated and organised to attract investments. There are huge investment opportunities in the power sector and there is also need to secure these investments, Kjemprud said.

The Chairman, NCNN, Chijioke Igwe, said the objective of the chamber was to grow business-to-business interaction between Nigeria and Norway.

He maintained that the forum was to seek ways on how best to tap into the resilience and discipline of the Norwegian economy.

“The chamber cuts across all industries and we want to create an enabling environment for Nigeria and Norway businesses to interact and develop projects to the benefits of both sides of the divide,” Igwe said.

He said the chamber has put together a group of professionals to engage the government on the impacts of its policies on the economy.

Igwe said this was because, most times, the government does not have a clear understanding of the impact of its policies on business environments.

The Consul General of Norway, Taofik Adegbite, said Nigeria must harness the technology of Norway to fast-track rapid growth and development.

Source: The Nation

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