Nigerian, Portuguese Investors Meet Over Trade Ties

Nigerian and Portuguese Investors recently converged in Lisbon to explore new business and investment opportunities, as they seek to boost trade ties, The Tide reports.

Reports have it that the trade volume between the two countries currently stands at over 900 million Euros in favour of Nigeria.

Speaking at the “Nigeria Day Investment Forum’’ Amb. Ijeoma Bristol, Nigerian Ambassador to Portugal said that the imbalance could be addressed through investment in non oil sectors of the economy.

Bristol, who noted that a significant percentage of Portuguese gas comes from Nigerian export said that other areas with huge economic potentialities included the agriculture, health, energy and infrastructure sectors among others.

She said that reforms in the nation’s non oil sectors had made the areas more economically viable, while noting the various legal framework put in place to safeguard investment in the country.

The envoy who further stressed the cordial bilateral relations between both countries, said Nigeria was opened to a mutually beneficial partnership with Portugal.

Also speaking, Amb. Asalina Mamuno, the Director Trade and Investment at the Foreign Ministry said that Nigeria had one of the world ‘ fastest growing economies with its GDP being on the rise.

“It is important to note that since 2010, the GDP of Nigeria had been increasingly in ascending order, from 6.8 per cent to 7.5 per cent in 2012’’,

“It is envisaged that this sustainable growth would be transformed into economic development and I’ll continue in this direction beyond 2020,’’ Mamuno said.

She listed some of the incentive put in place to attract investment as capital allowances of up to 75 per cent for manufacturers and 66 per cent for other sectors.

Other incentives included tax relief for research and development, as well as amendment of company income tax.

In the same vein, Mr Pedro Hipolito, the President of the Nigeria-Portugal Friendship and Business Association, told

Reports say  that Portuguese investors were interested in payment system, pharmaceuticals and construction among others.

Hipoliton, however, said that security challenges and other image problems were not peculiar to Nigeria alone.

According to him, Portugal also suffered economic crisIs in the past as a result security and other dynamics of the environment.

It would be recalled that 40 per cent of gas and 20 per cent of crude oilexports to Portugal comes from Nigeria.

Both countries established diplomatic relations in the 1970s.