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Nigeria-Mexico trade increases by over 360% in 4 years

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Nigeria-Mexico trade increases by over 360% in 4 years --Envoy

Between 2012 and 2016, the volume of trade between Nigeria and Mexico rose by over 360 per cent, from $166.5 million in 2012 to $600 million in 2016, according to the Deputy Head of Mission of the Mexican Embassy, Rodrigo Tenorio.

The envoy, who was speaking in Abuja on the sideline of a roundtable for working business discussion on trade mission to Mexico organised by the Nigerian-Mexican Chamber of Commerce and Industry (NMCCI) and Mexican Embassy, on Monday, said his country regards Nigeria as its main trading partner in the entire African Continent.

“Mexico’s main goal is to ensure that Nigeria maintain its number one position as the largest economy in Africa, though the trade figure may be small, compared with other countries’ figure, in reality it is a huge transaction that we have.
“In the last 15 years it was $45 million yearly, meaning that it has grown more than 500 times and our aims and goal is to have it grow more.

“There are some similarity between Nigeria and Mexico, we are predominantly largest and young population and we are about powerhouse of our region just as Nigeria in Africa,” he said.
On the major challenge in the relationship between the two countries, he said the fact that the two countries did not have a fair knowledge of each other before now.

Read also: Afreximbank approves $200m facility for Egypt, delays Nigeria’s $450m loan

Tenorio noted that. “once we know that Mexico is more than drug cartel and baron, Nigeria is much more than a small group in the north causing trouble, the business people could sit down and start discussing potential businesses for the future.”

The Vice President of NMCCI, Dr. Chukwuemeka Elele, stated that the Chamber was launched in December 2014 as part of efforts to further strengthen the bilateral trade relations, between the two countries.

He said to prove how relevant the trade mission is, the Nigerian Investment Promotion Commission, Nigerian Export Promotion Council and the Nigerian Export-Import Bank also participated in the programme.

According to him, the trade mission had given birth to a lot of successful firms in Nigeria in terms of export to Mexico saying that there was a lot for Nigeria to gain in business relationship with Mexico.

He said that Mexico Business Summit was coming up in October 2017 and urged Nigerian businessmen to take advantage of the opportunities in Mexico.

Elele said that Nigeria being the largest economy in Africa had a lot to learn from Mexico, noting that before now, 80 per cent of Mexico’s revenue used to come from oil just like Nigeria and 20 per cent from manufacturing sector.

 

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