Nigeria, Brazil's bilateral trade hits N1.4 trillion

THE bilateral trade between Nigeria and Brazil has hit $8.9 billion (about N1.4 trillion) in the last five years.The bilateral trade has all along been in favour of Nigeria, mainly because of the country's crude oil export to the South American country.And to further strengthen the trade link between the two countries, the Nigerian Brazil Chamber of Commerce has been inaugurated.Secretary-General of the new chamber, Sorronnadi Ezebuiro stated at the inauguration in Lagos recently that this would serve as a tool to sustain Nigeria's relationship with Brazil.He listed Brazil's exports to Nigeria to include automobiles, chemicals, electronics, while Nigeria's exports are crude oil, oil palm, hide and some stones to the Samba country.Ezebuiro, a monarch from one the South Eastern States, added that both countries have many things in common, being biggest nations in their respective continents, and should intensify efforts to increase bilateral trade.He described Brazil as the largest country in Latin America and Nigeria, the most populous nation in Africa.According to him, 'Nigeria is the biggest exporter to Brazil. We are Brazil's most important trading partner and the most important destination of investment in Africa.'Both countries are key players in the economies of their regions. Brazil is a leading political and economic power in Latin America. Nigeria is equally the leading political and economic power in West Africa.'Nigeria is the second largest trade partner of Brazil in Sub-Saharan Africa and 11th in the world. Brazil is the third largest importer of Nigerian crude oil after USA and India. Nigeria's balance of trade with Brazil is very favourable'.He listed Brazil's key industries to include textiles, shoes, chemicals, cement, agriculture, motor vehicles and parts, other machineries and equipment.'Major export productsinclude aircraft, coffee, vehicles, soybean, sugar, rice, orange juice, iron ore, steel, textiles, footwear, electrical equipment and others.'Brazil's current account surpluses had continued to hit record levels, indicating that exports were growing strongly. Its income per head is now twelve times that of India and China. Nigeria has a great deal to learn and tap from Brazilian experience. So come on board, let's take advantage', he added.Ezebuiro explained that the chamber came into existence in 1991 and became the pioneer chamber to be formed before the emergence of other making it the foremost.He said that the activities of the chamber were put on hold due to the death of the first President, Otunba T.O.S Benson.
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