MANILA, Philippines - Nigerian firms are exploring business opportunities to work with Philippine companies to strengthen its economic ties with the country.
A 30-man delegation organized by the Federal Ministry of Industry, Trade and Investment of Nigeria and the Nigerian Associations of Chambers of Commerce, Industry, Mines and Agriculture, is in the country to check out business opportunities.
Speaking at the business luncheon and business matching organized by the Philippine Chamber of Commerce and Industry (PCCI) for the delegation yesterday, Abdulkadir Musa, permanent secretary for Federal Ministry, Trade and Investment of Nigeria said Nigeria offers a big market for various Philippine products.
“Nigeria has a population of 167 million. There is a large market and strong workforce for telecommunications, consumer goods and pharmaceuticals,” he said.
He said Nigeria is also an attractive investment destination given its young population with an average age of 19 years old as well as incentives offered to investors such as tax-free operations and lack of expatriate quota for firms with pioneer projects.
In particular, investment opportunities are available in agriculture, real estate, infrastructure development, information and communication technology, free trade zones, and aviation.
In the same event, PCCI chairman Miguel Varela said the Philippines has a lot to gain from working with Nigeria which is on its way to becoming Africa’s largest economy with its 7.4 percent gross domestic product growth.
This, even as many Filipinos are employed in Nigeria’s oil, gas and construction industries and a number of Nigerians are pursuing higher education studies here.
Varela noted there is room for the expansion of trade food products, fresh fruits and vegetables, furniture and wood based products, garments and textiles, construction materials, health and beauty care products, fashion accessories, leather goods, machineries and equipment, gifts and home décor.
In terms of investments, he said Nigerian firms can consider opportunities here given the country’s strong economic growth, manageable inflation, favorable interest rate environment, stable banking system as well as sustainable fiscal position.
Among the areas where opportunities for potential investments are available here are in agriculture, construction, power and energy, tourism, mining and real estate.
“If both our countries capture these positive gains and turn them into solid investments, we are on our way to a robust bilateral trade,” Varela said.