The volume of trade relations between Iran and Nigeria has grown by 300% in the last 9 months

According to Fars News Agency economic correspondent, Seyed Reza Fatemi Amin said today in the sixth joint commission of the Islamic Republic of Iran and the Federal Republic of Nigeria: Nigeria is the largest economy in Africa and the relations between the two countries are extensive in various cultural, economic and political fields.

The Minister of Industry, Mines and Trade, noting that Iran and Nigeria are members of OPEC, said: “However, the economic relations between the two countries have unfortunately not developed as much as the political and cultural relations.”

He said: “Nigeria’s foreign trade is about 100 billion dollars and Iran’s foreign trade volume is about 120 billion dollars, trade relations between Iran and Nigeria last year was about 125 million dollars.”

Fatemi Amin stated: Of course, in the last 9 months, the volume of trade relations between Iran and Nigeria has grown by about 300%.

“The economies of the two countries are complementary and Iran has very good potential that Nigeria can use,” he said.

Fatemi Amin said: “We must quickly recognize each other’s capabilities and be able to draw a map.”

Fatemi Amin stated: to achieve your goals, we should set two deadlines, one one-month deadline for adding some products to the country’s exchange basket and another three-month deadline to prepare a roadmap for the development of economic relations between the two countries.

The Minister of Mining Industry and Trade stated that in the first step to develop trade relations, travel between the two countries should be facilitated and therefore it is necessary to establish airlines between Iran and Nigeria.

Alireza Peyman Pak also said at the sixth meeting of the Joint Commissions of the Islamic Republic of Iran and the Federal Republic of Nigeria: “During the two days of intensive meetings of the delegations of the two sides, accompanied by representatives of the two countries, the final text of the meeting was agreed and finalized.”

The head of the Trade Development Organization of Iran stated: This text is different from the previous documents in terms of content and addresses all important issues of the parties.

He said: “Some key clauses have been agreed on the timing of its implementation.

Peyman Pak stated that the establishment of a joint working group to follow up and monitor agreements and follow up on issues that hinder the development of relations is one of our plans and goals.

Peyman Pak further pointed out some of the axes agreed by the parties and said: the implementation of trade agreements and the identification of new solutions, including the use of clean tools and the definition of joint projects between the two countries that are supported by the government and implemented by the private sector. Is one of the agreed axes.

He stated: designing specialized exhibitions and attending trade fairs of the two countries, as well as effective cooperation in sending and receiving trade delegations of the two countries and forming a joint Iran-Nigeria Chamber and cooperation of the two countries’ chambers of commerce in various fields. It is an agreement between the two countries.

He added: “Introducing trade and investment opportunities and designing transportation lines, including sea lines, to develop economic relations between the two countries are among the other axes agreed between the two countries at the summit.”

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