Austrian, German, Swiss imports from Nigeria hit N2.3tr

Austrian, German and Switzerland importation from Nigeria recorded about N2.3 trillion ($7.5 billion), while export from these countries to Nigeria was N475billion ($2.4billion) in 2014.

The countries, who said in a statement that Nigeria had continued to maintain positive trade relations with them, added that their companies had contributed to the growth and development of Nigeria’s economy.

“‘Austrian, German and Swiss (AGS) private sector companies have been operating in Nigeria for many decades.

“Nigeria continues to maintain a positive and beneficial trade relationship with our three countries.

“In 2014, AGS companies exported $2.4 billion worth of goods to Nigeria, while importing $7.5 billion from Nigeria,” it said.

The statement, however, said that the AGS noted that a diverse set of temporary and structural issues were constraining further expansion of their businesses in Nigeria.

It listed such constraints to include forex shortages, import controls, compliance, transport, electricity supply, security and skilled labour.

The statement also said that there was a decline in Foreign Direct Investment inflows into Nigeria by 6 per cent from 2010 to 2014.

“Given that these challenges impact all businesses, irrespective if foreign or domestic, it is ultimately in the best interest of economic growth for Nigeria’s decision makers to solve these challenges.

“Despite these difficulties, Nigeria remains a destination for savvy investors looking for long-term growth and returns on the continent.

“The country is richly endowed with enormous human and natural resources.

“We remain optimistic that the government will perceive these current challenges as a long-term opportunity to start diversifying its economy,” it said.

According to the statement, AGS enterprises are committed to continue partnering with Nigeria in improving its overall business environment.