Bob Achanya Urges Increased Nigeria, Bangladesh Trade Relationship
ORU Leonard
The President of the Nigeria Bangladesh Business and Technology Forum (NBBTF), Mr Roberts Achanya (Bob), has called for increased economic relations between Nigeria and Bangladesh.
Mr Achanya who is also the Director General of African Center for Asia Plus Bangladesh Studies (AfCA 00+BS), said Nigeria, Bangladesh to expand bilateral engagements for mutual benefits.
According to him, continuous high level engagement by the governments, private sector and researchers; mutual respect and reciprocity, articulating goals and weaknesses, and practical business-to-business networking.
He noted that a study had indicated progressive growth in such areas as pharmaceuticals/health, finished Clothing, Textiles and Garments (CTG), ceramics, ceramics, iron mongering, electricals, education, in favour of Bangladesh.
“Nigeria needs to take advantage of the concentric diversification initiative of the current NDP (2021-2025), to scale up export to Bangladesh in sectors of comparative advantage.
“As at 2012, trade between the two countries stood at US$14 million in 2012 while in 2014, the Bangladesh Tariff Commission prepared a feasibility study for the benefit of signing new Free/Preferential trade agreements with African states.
“The need for expanding trade and investments anchored on a confident and willing private sector allows both sides to align incentives and to create the binational interest for the desired goals”, he said.
Achanya further explained that the NBBTF, in pursuit of its objectives of economic content and diplomacy, had undertaken a few courtesy engagements with the Bangladesh High Commissioner, His Excellency Masudur Rahman.
He said that Rahman had advocated a robust Nigeria-Bangladesh bilateral relations showcasing Bangladesh’s export potentials.
The Director-general said that during Nigeria’s hosting of the 2010 Developing 8 (D8) Countries meeting in Nigeria, Prime Minister of Bangladesh Sheikh Hasina paid an official visit to Abuja.
The trained Architect, Development and Business Consultant said the visit was followed by opening of the Bangladesh High Commission in Abuja, Nigeria in 2016.
He said Bangladesh and Nigeria expressed mutual interest to expand their bilateral trade and investment relations in areas of comparative advantage with Bangladeshi expertise in pharmaceuticals, knitwear, cement, jute and jute goods and ceramics.
Other areas of cooperation among the two countries are in ocean-going vessels, light engineering, leather and plastic goods which have been identified as products with huge potentials in the Nigerian market.
Nigeria on the other hand though already trading with Bangladesh on very small scale, must engage Bangladeshi businessmen through Joint Ventures to invest in the Agriculture, Pharmaceuticals, Medical equipment, ICT, Food-processing, and Education sectors of Nigeria.
According to Achanya, it is generally believed that investments or forging strong commercial links between the two nations can bring huge profits for both investors/exporters.
