Bangladesh, Nigeria for expanding mutual trade and investment
To this end, the Bangladesh Investment Development Authority and an 11-member Nigerian delegation hold a meeting yesterday
An eleven-member Nigerian delegation, comprising representatives of its different ministries and departments, and the Bangladesh Investment Development Authority, also known as Bida, discussed the ways of further increasing trade and investment between the two friendly countries at a meeting at the latter's office in the capital on Sunday.
"In 2018, the bilateral trade between Bangladesh and Nigeria was worth $11 million only, which now stands at $144 million. We believe that it will increase further," Bida Director Md Shakil Mahamud told the meeting and added that Nigerian investors can put their money in different promising sectors of Bangladesh.
Bida Director Md Ariful Haque, in a visual presentation, demonstrated the investment climate of Bangladesh and the opportunities of Nigeria.
Keep updated, follow The Business Standard's Google news channel
"Bangladesh is now a role model in development. The country has advanced in power and energy, communication, infrastructure and other sectors. With gradually increasing per capita income, and a stable political situation, the country can be considered one of the best investment destinations," said Bida Executive Chairman Lokman Hossain Miah.
"Furthermore, we have a large local market and a demographic dividend which are highly desirable to investors," he added.
In response, Nigeria's Foreign Ministry Director for Economic, Trade and Investment Akinremi Bolaji said Nigeria is keen to expand bilateral trade and investment with Bangladesh, which is the primary reason behind their response to the Bangladesh government's invitation for the visit.
"We are revisiting our bilateral cooperation, particularly in trade, investment, ICT and other sectors. Our country has made significant progress in the fuel oil and the agriculture sectors from which Bangladesh can benefit," he added.
After the meeting, Bida chief Lokman Hossain told reporters that the Nigerian delegation has just collected different data from us before making investment decisions. "They will contact us later regarding investment in Bangladesh."
He also noted that the Ministry of Power, Energy and Mineral Resources will see the matter of importing fuel oil from Nigeria.
