Nigeria – Norway trade Volume hits $30 billion

Jens-Peter Kjemrud, Norwegian Ambassador to Nigeria, disclosed that the trade volume between Nigeria and Norway has reached $30 billion.

Kjemprud disclosed this while speaking at a stakeholders’ meeting to present and promote the investment opportunities and incentives in Norway for prospective Nigerian investors.

The Ambassador also said Nigeria is Norway’s biggest trading partner on the African continent, that there is a huge potential to do more.

He said the Nigerian Government can attract investors by giving investors tax incentives, as he called on the President Muhammadu Buhari-led administration to do more in the area of insecurity.

Kjemrud further disclosed that Norwegian investors are interested in investing in Nigeria’s oil and gas industry including her renewable energy.

“As you have heard here today, we have focused a lot on the energy sector. If Nigeria is going to improve in the manufacturing sector, the country needs to have stable and cheap power supply. If not, the manufacturing sector will not be competitive in the current market. We are one of the biggest players in global maritime activity and we have told our Nigerian partners that technology is the future and Nigeria has to be prepared for it. There is technology here which is being utilised but there is a need to take it to the entire sector and for government to support it.” – Kjemrud

Nairametrics had reported that the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics report for the second quarter of 2018 revealed Nigeria’s total foreign trade was ₦6.56 trillion. This is a decrease from ₦7.21 trillion recorded in the first quarter.

Total trade imports for the second quarter  stood at ₦2.10 trillion, compare to ₦2.51 trillion for Q1 2018. It shows Nigeria’s total imports declined by 16.34% on a quarter on quarter basis.

Total trade exports for Q2 2018 was ₦4.46 trillion, compared to ₦4.69 trillion for the first quarter of the 2018. The figures show Nigeria’s total exports fell by 16.34% on a quarter-on-quarter basis.


Source: Nairametrics

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