- Nigeria-Malaysia Trade Relations to Open Investment Opportunities
The Nigerian, Malaysian Business Council (NMBC) has said the new trade and investment agreement established in 2018 will open more opportunities for both nations in the oil and gas sector.
In the meeting organised by the High Commission of Malaysia to Nigerian in collaboration with NMBC on Tuesday in Abuja, Mr Michael Aderomo, the president of NMBC, said the meeting will foster growth between the two countries through improved private sector contribution.
He said the gathering will help bring together key private sector players in both nations.
“There is a kind of reshuffling and changing trade patterns like what is happening between China and US and Nigeria needs a model and direction to have a value addition to our economy and Malaysia is one of the countries we are having these relations in various sector and we are starting with oil and gas and very soon we will go to other sectors,” he said.
Aderomo said Nigeria will gain a lot from the South East Asian country in terms of expertise in local content and technical skill.
“They have been able to use their local content formula to develop their oil sector and most of our companies deal with Malaysia but not directly they are going through others to get services. Nigeria has potentials and Malaysia is ready to do business with Nigeria and we are trying to benefit by collaborating with them.
“Nigerian economy needs capacity development to have impact on our GDP and also to have positive impact on our human development index, which means a component of trade and investment that have been developing with human capital. The benefit will be very robust for Nigeria. The important aspect is our resources, and we need to develop the capacity of our people. We have to sustain the relationship to create a win -win situation and we are putting emphasis on internal market,” he said.
Gloria Tiwet, the Malaysian High Commissioner to Nigeria, said trade between the two countries grew by 15.7 percent to US$712 million in 2018.
“In 2018 major imports from Nigeria to Malaysia were metal ore and that constitutes 46.6 percent; crude petroleum 35 percent; agriculture products 14.7 percent; iron and steel products stood at 1.5 percent and natural rubber 0.9 percent. Meanwhile, exports from Malaysia to Nigeria were palm oil and palm-based agriculture products that stood at 31.7 percent; petroleum 9.4 percent; machinery 9.3 percent; transport 8.5 percent and chemical and chemical products,” she said.