MARKET DEVELOPMENT
Nigeria: Govt-Ghana Trade Volume Grows to U.S.$1.6 Billion
Nigeria: Govt-Ghana Trade Volume Grows to U.S.$1.6 Billion
15/11/2011 (AllAfrica.com) - The value of bilateral trade between Nigeria and Ghana has grown to $1.6 billion (N240 billion) in 2011.
Ghanaian High Commissioner to Nigeria, Baba Kamara, made the disclosure while fielding questions from The Moment during Ghana Business Forum, which was held at just-concluded 2011 Lagos International Trade Fair.
Kamara said the trade volume covers only official transactions and registered businesses between the two West Africa giants, and further stated that it had been favourable to both nations. 'The figure only puts registered trade into account. So, officially, the volume is $1.6 billion excluding unregistered businesses. This is because most of the bilateral trade is not registered. If the unregistered are included, then the volume should be more than double of the official volume. 'The trade relationship is very interesting in that most time same goods move across the borders of the two countries.
"Ghana exports a lot of fruit juices and palm oil into Nigeria, while Nigeria exports textile materials and sugar. He disclosed that total exports from Nigeria into Ghana were estimated at $776 million in 2008, while total imports from Ghana stood at $899 million in the same year. Kamara, who revealed that his grandfather was an indigene of Borno State, mentioned Dangote, United Bank for Africa (UBA), Energy Bank, Zenith Bank and Nigerian National Petroleum Corporation (NNPC) among the big Nigerian companies doing business in Ghana.
When asked to comment on the efforts of Nigerian government at developing the economy, Kamara said, 'I won't say Nigerian government is not doing the right thing to develop the economy. The most important thing is that private investors and citizens need to cooperate with the government.
'President Goodluck Jonathan is trying to come up with a new and better Nigeria. So, I think every Nigerian should give him the support to achieve his aims. But if the Boko Haram issue and indiscipline continue to remain in the country, foreign investors will definitely run away from Nigeria. Institutions must work, and nobody should be made to be above the law.'
He said Ghana is emerging a better economy on the continued social and economic reforms started in 1982 when Jerry Rawlings came into power. 'And since then, it has not been easy.'
Ghanaian High Commissioner to Nigeria, Baba Kamara, made the disclosure while fielding questions from The Moment during Ghana Business Forum, which was held at just-concluded 2011 Lagos International Trade Fair.
Kamara said the trade volume covers only official transactions and registered businesses between the two West Africa giants, and further stated that it had been favourable to both nations. 'The figure only puts registered trade into account. So, officially, the volume is $1.6 billion excluding unregistered businesses. This is because most of the bilateral trade is not registered. If the unregistered are included, then the volume should be more than double of the official volume. 'The trade relationship is very interesting in that most time same goods move across the borders of the two countries.
"Ghana exports a lot of fruit juices and palm oil into Nigeria, while Nigeria exports textile materials and sugar. He disclosed that total exports from Nigeria into Ghana were estimated at $776 million in 2008, while total imports from Ghana stood at $899 million in the same year. Kamara, who revealed that his grandfather was an indigene of Borno State, mentioned Dangote, United Bank for Africa (UBA), Energy Bank, Zenith Bank and Nigerian National Petroleum Corporation (NNPC) among the big Nigerian companies doing business in Ghana.
When asked to comment on the efforts of Nigerian government at developing the economy, Kamara said, 'I won't say Nigerian government is not doing the right thing to develop the economy. The most important thing is that private investors and citizens need to cooperate with the government.
'President Goodluck Jonathan is trying to come up with a new and better Nigeria. So, I think every Nigerian should give him the support to achieve his aims. But if the Boko Haram issue and indiscipline continue to remain in the country, foreign investors will definitely run away from Nigeria. Institutions must work, and nobody should be made to be above the law.'
He said Ghana is emerging a better economy on the continued social and economic reforms started in 1982 when Jerry Rawlings came into power. 'And since then, it has not been easy.'