Nigeria, Iran Move to Increase Trade Volume

Nigeria, Iran Move to Increase Trade Volume


The Islamic Republic of Iran has expressed its readiness to increase the volume and value of its trade with Nigeria from $50 million to $500 million annually.

This was disclosed at a 3-day exhibition which ended in Lagos on Thursday, June 11. Speaking at the event, the Executive Director Nigerian Export Promotion Council, Olusegun Awolowo, told the gathering of business men and women that doing business in Iran is as safe as any other country.

“Iran has been exporting and importing commodities to and fro Europe and some African countries. There is a silver lining at the end of the tunnel,” he said.

Awolowo emphasized on the  need for the diversification of the Nigerian economy, saying that over-reliance on oil would continue to affect the growth of the economy.

The Iranian Ambassador to Nigeria, Mr. Saeed Koozechi said the exhibition would help deepen trade relations between the two countries.

“Right now, Iranian companies do not know the opportunities available in Nigeria. And Nigeria is a very big market, especially with its big population and resources.This situation also applies to Nigerian businesses as they also know little about Iranian companies and the huge potential that the Iranian market offers. I believe that through this exhibition, a stronger connection will be fostered among the Iranian and Nigerian businesses,” he said.



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