Trade between Nigeria and Brazil has reached $6 billion, according to the Ambassador of Nigeria to Brazil, Mr. Vincent Okoedion Okoedion.
He said this during an investment forum in Sao Paulo, Brazil yesterday. Although the trade was in favour of Nigeria, it was basically from oil export as Nigeria remained the biggest exporter of oil to Brazil, a statement from the ministry of Trade and investment said.
"We want to see the trade diversified to non-oil products and that is why the government is doing all it can in that regard," he said.
The envoy said in Africa, Nigeria is the biggest exporter to Brazil. We are Brazil's most important trading partner. "And we can be Brazil's most important destination of investment in Africa," the ambassador said.
The Minister of Trade and Investment, Mr. Olusegun Aganga who led a Nigerian delegation to the country said from next year, industrial centres in Nigeria would have regular power supply which is part of efforts aimed at industrialising the Nigerian economy.
He said the initiative would move to reduce production costs and make Nigerian manufactured goods more competitive in the global economy.
"The idea is to make sure that the industrial centres have uninterrupted power supply, at least during the day, until the problem of the power sector is totally fixed. The ministry of power has identified nine cities, and the pilot has started in one city already," Aganga noted.
"The government has begun moves to make the Nigerian Investment Promotion Council one stop shop more effective and efficient. This will enable investors to do all their registration within 48 hours," he said.
He added that the Committee on the Review of Nigeria's Trade Policy had also submitted a report/draft strategy that would lead to the birth of a workable and result-oriented trade and investment policy in the next few weeks.
Mr. Newton de Mello, a director of one of the leading industrial federations based in Sao Paulo said Nigeria and Brazil had so many things in common, adding that there should be further collaboration between the two countries in order to see to increased investment flow.
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