KARACHI: High Commissioner of the Federal Republic of Nigeria Dauda Danladi has stated that Nigeria wants to boost economic interaction with Pakistan and desired to enhance two way trades to $1b with Pakistan by the end of 2013. During his visit to Karachi Chamber of Commerce he said the aim of visit to KCCI was to interact with the vibrant business and industrial community of Karachi and to make a presentation on Nigeria Investment Potential in the areas of oil & gas, agriculture and solid minerals.

Nigerian High Commissioner in his presentation highlighted that Nigeria is amongst the Africa’s ten largest economies that contribute 77 percent of its GDP. Nigeria having large population of 165 million people is a big market for Pakistani textile products.

He informed that the present reserves of Nigerian Oil were 36 billion barrels and natural gas reserves were 184 Trillion Cubic Feet, daily production of Nigeria’s crude oil was 2.5 million barrel per day.

Hence, Pakistani investors can get the benefit of profitable investment in the oil and gas sectors and allied industries, he said. Nigerian Government had created four free zones territories viz. Onne, Warri, Lagos and Calabar where incentives offered 100 percent on import and export exemptions, exemption of commercial levies, repatriation of Capital and profits and company ownership. Lease was available from 5 to 21 years and there were no corporate and withholding taxes, he added.

High Commissioner informed that the Nigerian agriculture sector was also opened to private sector for large scale commercial farming, land and fresh water was available in abundance. Opportunities were available in crops, dairy, livestock, fisheries, rice, cassava and bio-fuel.

He also highlighted cooperation in the areas of textiles, pharmaceuticals industries and solid minerals like coal, bitumen, iron ore, limestone, zinc etc. and the Government was offering conducive investment climate. He also invited to compose a delegation of KCCI and become the part of high-profile business and investors delegation he had planned to take to Nigeria in August 2013.

Karachi Chamber of Commerce & Industry’s President Muhammad Haroon Agar said Immense opportunities of commercial and economic cooperation existing between Pakistan and Nigeria. There is a keen interest on both sides to develop and expand trade and economic cooperation.

Haroon Agar articulated that Africa is rich in mineral and natural resources and Nigeria is gateway for African Market. Pakistan’s top exports to Nigeria are pharmaceutical products, cotton, manmade staple fibers, cereals, machinery, plastics, footwear, vehicles other than railway, electrical equipment etc.

However important items that Pakistan Imports from Nigeria include cotton, raw hides and skins, dairy products, vegetable, rubber and articles thereof, edible fruits etc.