The Federal Government and the Canadian government on Monday in Abuja agreed to strengthen trade and investment ties between both countries.
This will be achieved by leveraging on areas of competitive and comparative advantage.
The two countries also agreed on strategies to double the volume of trade between them to $6bn by 2015.
To stimulate trade and investment, Canada has agreed to review its visa processing time for Nigerians to 10 days.
Nigeria’s value of merchandise trade with Canada stood at about $2.7bn in 2011.
The trade value consists of $2.5bn in Nigeria’s exports to Canada and $199m worth of imports.
The decisions were reached during the Nigeria-Canada Bi-National Commission meeting in Abuja, which was co-chaired by the Minister of Trade and Investment, Mr. Olusegun Aganga; and the Canadian Minister for International Trade, Ed Fast.
A joint communiqué issued at the end of the meeting stated, “The two ministers noted the rapidly growing volumes of trade between the two countries and welcomed the commitment by the Canada-Nigeria Business Association to double the volume of trade by 2015 to $6bn.
“The ministers particularly welcomed the strong role of the private sector in expanding the two countries’ economic ties and agreed on the importance of renewed efforts to ensure that each country’s private sector is more acquainted with the opportunities in the other country.”
Speaking during the meeting, Aganga said the Federal Government would expand bilateral trade relations with Canada, especially in the exportation of non-oil products.
The move, he said, would help to create employment, generate wealth and enhance economic growth in the country.
Fast led a delegation of chief executives of 28 Canadian companies operating in the extractive and infrastructure sectors of his country’s economy.
Aganga said the meeting provided the platform for both countries to review their socio-economic progress with a view to consolidating on gains and re-strategising for enhanced growth.
“Nigeria and Canada share strong and increasing trade and investment relations. Canada is a top player in international trade, which makes up a large part of the Canadian economy,” he said.
