Trade between Nigeria-Brazil hits USD8.9 billion

Lagos, Nigeria – To further strengthen bilateral trade between Nigeria and Brazil, authorities have launched a new chamber of commerce even as trade between the two countries in the last five years had risen to US$8.9 billion naira, the local Guardian newspaper reported on Thursday. The privately-owned paper said that the bilateral trade has all along been in favour of Nigeria, due to the country’s crude oil export to the South American country.

“Nigeria is the biggest exporter to Brazil. We are Brazil’s most important trading partner and the most important destination of investment in Africa,’ said Sorronnadi Ezebuiro, the Secretary-General of the new chamber, the Nigerian-Brazil Chamber of Commerce,

“Nigeria is the second largest trade partner of Brazil in Sub-Saharan Africa and 11th in the world. Brazil is the third largest importer of Nigerian crude oil after USA and India. Nigeria’s balance of trade with Brazil is very favourable”, Ezebuiro added.

He said Nigeria has a great deal to learn and tap from the Brazilian experience. The Latin American country’s economy is currently the sixth largest in the world. It is also among the five BRICS nations – Brazil, Russia, India, China and South Africa.

Brazil’s exports to Nigeria include automobiles, chemicals, electronics, while Nigeria exports crude oil, palm oil, hides and skins and some precious stones to the Samba country.

Both countries are key players in the economies of their regions. Brazil is a leading political and economic power in Latin America while Nigeria is equally the leading political and economic power in West Africa.