Nigeria, Mexico trade volume hits $575m

The trade volume between Nigeria and Mexico grew by 245 per cent from USD166.5 million in 2012 to USD575 million in 2014.

The ambassador of Mexico to Nigeria, Amb. Marco Blanco, who said this, told newsmen in Abuja on Monday that Nigeria was Mexico’s largest trade partner in Africa.

Blanco said Nigeria and Mexico signed four trade agreements in December 2014 to strengthen the trade bilateral relationship between the two countries.

“Our bilateral trade, if well still incipient, went from 166.5 million dollars in 2012 to 575 million dollars in 2014, which is equivalent to a growth of 245.43 per cent.

“This amount is the largest record historically. By its total trade, in 2014, Nigeria was the main trade partner of Mexico in Africa, surpassing South Africa,” he said.

Blanco said at 2011 Nigeria and Mexico had no bilateral agreements.

He said things had changed as the two countries now have nine bilateral agreements and identified 11 more instruments, which he said were at their final stages of negotiation.

“Once we finish this process, Nigeria and Mexico will have a legal framework to regulate and promote their bilateral relationship,” he said.

To further strengthen the bilateral trade relations, envoy said the Nigerian-Mexican Chamber of Commerce was launched in December 2014.

He said the chamber had organised its first trade mission to Mexico in May 2015 with 35 Nigerian entrepreneurs participating.

According to him, the Nigerian Investment Promotion Commission, Nigerian Export Promotion Council and the Nigerian Export-Import Bank also participated in the trade mission.

“These three organisations signed Memoranda of Understanding (MoU) with their counterparts in Mexico to promote bilateral trade, investment, joint ventures and strategic alliances,” he said.

Blanco said a significant step by Mexico to expand and strengthen the ties between it and Nigeria was the opening of its Honourary Consulate in Lagos.

According to him, the Consulate will allow a wide and better attention to the Nigerians interested in traveling to Mexico for tourism, business, training, cultural, academic or medical purposes.

“Mexico has already started some investments in Nigeria with capital, machinery and Mexican management on two agro-industrial projects, which will generate 7,500 direct jobs once fully implemented”, he said.

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