The Federal Government has signed a Memorandum of Understanding with Mexico to boost trade particularly in the area of non-oil exports.
The pact would help to consolidate the NEPC as a key non-oil export institution in boosting Nigeria’s competitiveness in export trade, thereby boosting foreign exchange inflow for Nigeria.
The agreement which was sealed on Wednesday in Abuja saw the Executive Director/Chief Executive Office of NEPC, Mrs Nonye Ayeni, signing on behalf of Nigeria while the President of Council for Foreign Trade, Investment and Technology Dr. Heriberto Garcia Cortès signed for Mexico.
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The NEPC Boss said the move would also boost national economic development and strengthen bilateral trade relations with Mexico.
Ayeni said Nigeria is endowed with so much resources in huge quantities, with exportable products such as urea, cashew, cocoa, ginger, and hibiscus among others.
According to her, some of the Nigeria’s non-oil products exported to Mexico are agricultural products, such as cocoa, hibiscus and solid minerals like tin and limestone
She said, “In 2022, published reports by the International Trade Center (Geneva) showed that import from Mexico by Nigeria totaled $124,145,000, while Nigeria’s export to Mexico was worth $91,780,000.
“Still in 2022, Nigeria exported $79.3 million worth of fertilizer to Mexico while Mexico imported $3.5 billion from other sources.”
The NEPC Boss explained further that Nigeria’s export of sesame seed to Mexico was $3.1 million while Mexico imported million worth of sesame from other markets.
She added that Mexico also imported soyabean worth billions from other sources in 2022
“Nigeria and Mexico have participated in several trade missions and exhibitions to explore business opportunities in each other’s markets.
“For example, in 2019, a Nigerian delegation visited Mexico to participate in the Mexico-Pacific Alliance Business Forum, which aimed to promote trade and vestment between Mexico and the Pacific Alliance (a trade bloc comprising Mexico, Colombia, Peru, and Chile,” she added.
In his comments, Garcia restated the continuous support and commitment of Mexico towards trade and economic development in Nigeria.
Garcia stated that the MOU would go a long way to strengthen Mexico – Nigeria ‘s bilateral trade relations.
Also speaking, the Ambassador of Mexico to Nigeria, Alfredo Miranda commended the bilateral relations between the two countries over the years.
Miranda promised Mexico’s technical support to Nigeria on human capital and economic development.