Thursday, October 27, 2022

Nigeria, Canada to strengthen trade investments

Delegates from Canada have called for collaboration with Nigeria to strengthen trade opportunities and investment in the various sectors of both countries to grow their economies.

The delegates made the call at the Canada-Nigeria Trade Mission event organised by Africa Canada Trade and Investment Venture, held in Lagos.

While speaking on the theme: “Exploring New Opportunities for Canada-Nigeria Trade and Investment,” the delegates said both countries should collaborate and invest in Fintech, housing, technology, oil and gas, start ups and other sectors to improve on their economies.

The Chief Growth Officer and Legal Counsel, Vida Group, Canada, Huge Goodday, said there is strong appetite to strengthen trade relations between Nigeria and Canada because there are a whole lot of opportunities to tap into.

He said with Nigeria’s huge population and a growing middle class, there is a lot of potential, such as in housing, oil and gas, technology and Fintech investments, which Canada creates a stable economy from.

Goodday said both countries face the same challenges, which makes it important for collaboration on solutions to harness these potentials and opportunities

The Chief Executive Officer, Africa Canada Trade and Investment Venture, Kenneth Oguzie, said there are lots of sectors to explore such as, real estate, labour, energy, education and partnership on critical components with Canada as a trade partner to Africa and Nigeria.

He said there is a need for various stakeholders to come together to talk about the opportunities existing between Canada and Nigeria trade and highlight how to mitigate the challenges or barriers.

“Nigeria has business opportunities, as well as for start ups, technology, mining, renewable energy. We have our Canadian delegates as well people from the private and public sector here to talk about those opportunities. When the bilateral trade agreement between Canada and Nigeria becomes ratified we will see more progress,” he said.

The Director of International Affairs, Lagos Chamber of Commerce, Temitope Akintunde, said Nigeria’s population of about 200 million people presents a very good opportunity for every foreign investor to invest in the country.

Akintunde noted that exploring Fintech is one of those key areas that Nigeria can start dealing with in terms of trade relations, especially for start ups as there are lots of opportunities out there, which Nigeria should take advantage of with Canada’s trade relations.

“A lot of bilateral agreements have already been signed between the governments of the two countries. It is just left for us to look at those information, get them and tap into those opportunities so those agreements are not just lying there,” she said.

The President, Colindale Consulting Business Solutions, Damian Maclnnis, said breaking the barriers between Canada and Africa is important, as it will help build economies.

He said having joint venture investments between Canada and Nigeria is the quickest and most efficient way to grow the economies of both countries.

By Adaku Onyenucheya

The Guardian

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