Senegal seeks improved trade, investment ties with Nigeria

trade deficit

The Senegalese Government has called for improved trade and investment ties with Nigeria to boost intra-Africa trade. The Director, Investment Promotion and Major Projects, Senegal, Mamadou Lamine, spoke on the sideline of the ECOWAS Investment Climate Scorecard Round Table that seeks to review the barriers militating against cross-border trade in member countries.

The two-day event tagged: Improved Business and Investment Climate in West Africa is a 7.7 million Euro project funded by the European Union while the World Bank Group provided the technical assistance.

Lamine said there was need for strong inter-connectivity between Nigeria and Senegal to reach new markets and expand the present bilateral trade between both nations for mutual economic gains.

“There is already a strong foundation of trade relations between Nigeria and Senegal and an even stronger rationale to expand upon it.

“Nigeria is a big market and Senegal is one of the doors through which Nigeria can use to go to North of Africa.

“We seek to bridge the gap by facilitating dialogue, business dealings and knowledge transfer between both countries,” he said.

He said that both countries could explore opportunities in agriculture, fabrics, financial services, machinery and oil and gas.

“We have just discovered natural gas and would stand to benefit from Nigeria’s knowledge in the processing of natural gas,” Lamine said.

The director also called for the revival of direct flight from Lagos to Dakar to ease movement and commercial activities between both countries.

He stressed that strong economic ties would increase investment inflows, drive growth, reduce poverty and create jobs for citizens of both nations.