Bangladesh’s Excessive Commissioner to Nigeria, Masudur Rahman, has highlighted the exceptional progress in commerce relations between Bangladesh and Nigeria, noting that their bilateral commerce quantity has exceeded $100 million.
This important milestone marks a doubling of commerce worth, which was beforehand at $50 million.
Talking at an occasion in Abuja to commemorate Bangladesh’s 54th Independence and Nationwide Day on Wednesday, Rahman emphasised the rising enthusiasm amongst companies and entrepreneurs in each nations to kind sturdy, mutually helpful partnerships.
The Excessive Commissioner lauded thriving collaborations throughout key sectors, together with ICT, agriculture, knitwear, government-to-state commerce, and protection and diplomatic coaching by educational trade packages.
“Bangladesh has deep roots in Africa, particularly in Nigeria. Our folks share frequent aspirations,” Rahman affirmed.
Moreover, he revealed plans to increase {economic} cooperation by exploring alternatives within the blue financial system, a transfer aimed toward fostering deeper {economic} ties between the 2 nations.
Rahman additionally mirrored on the shared values of each nations, emphasizing their mutual imaginative and prescient for inclusive and equitable societies. He harassed the significance of harnessing demographic variety, bridging the digital divide, and selling sustainable progress for the advantage of future generations.
Reaffirming Bangladesh’s dedication to stronger ties with Nigeria, Rahman stated that each nations ought to work collectively towards reaching these shared objectives.
Representing Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, Ambassador Wahab Akande, the Chief of Protocol, congratulated Bangladesh on its independence anniversary.
Akande acknowledged the longstanding friendship between the 2 nations since establishing diplomatic relations in 1976 and praised their collaborative efforts in enhancing commerce and {economic} cooperation. He expressed optimism about additional strengthening bilateral engagements sooner or later.
Conversely, in 2023, Nigeria exported $56.8M to Bangladesh. The primary merchandise that Nigeria exported to Bangladesh have been Petroleum Gasoline ($48.9M), Uncooked Cotton ($6.12M), and Soybeans ($902k).
Over a five-year interval, the exports of Nigeria to Bangladesh elevated at an annualized charge of 127%, from $935k in 2018 to $56.8M in 2023.
Bangladesh ranked 113 within the {Economic} Complexity Index (ECI -1.03), and 55 in complete exports ($54.5B) in 2023. That very same yr, Nigeria ranked 129 within the {Economic} Complexity Index (ECI -1.75), and 52 in complete exports ($61B).
