Nigeria loses $7bn annually to Israel’

Nigeria is said to lose about $7billion annually to the Israeli government due to poor bilateral relations in the area of small and medium scale enterprises, the former Director-General, Nigeria Institute of International Affairs (NIIA), Prof. Bola Akinterinwa, has said.

Akinterinwa gave this hint on Thursday at a symposium organised by the Citizens Centre for international Relations Research (RICC) and the Israeli Embassy, in Abuja.

Tagged: ‘Nigeria-Israeli Relations: Focus on SMEs, Agriculture and Solid Minerals,’ the forum drew participants from all walks of life including the media, academia and diplomatic circles.

According to Akinterinwa, “At least on a yearly basis, we are losing nothing less than $7 billion on an annual basis. It cannot be less because first, there is what we call grants in international relations. It is given to you. You do not need to pay back unlike loans, on which they give you a long term moratorium. You will pay back but the interest is low.”

He added that within the bilateral framework of both nations, entrepreneurial development should be a major priority for job creation and economic development.

Earlier, Minister of State for Industry Trade and Investment, Hajia Aisha Abubakar, said the Federal Government rolled out initiatives to promote Mirco, Small and Medium Enterprises (MSME) especially among unemployed youths.

She identified funds also set up by the government to provide financial supports for non-oil sector of the nation’s economy.

Abubarkar, represented by the ministry’s Director of Industrial Development, Engr. O Awobukunmi, listed the N220billion MSME fund, Cassava and Rice Development Fund, Creative Industry Development Fund, Solid Minerals Development Funds among others.

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