Indications have emerged that there will soon be an influx of Malaysian investors into Nigeria following the recent establishment of Nigeria-Malaysia Trade Corridor.
Disclosing this positive development in Lagos, the President of the Nigeria- Malaysia Business Council (NMBC), Dr. Michael Aderohunmu, said that more Malaysian companies would visit Nigeria next month as a result of the setting up of the trade corridor.
He added:”There are clear evidences that the trade corridor is a good lead to stimulate investments and to strengthen economic relations of both countries.
The NMBC has a mandate to achieve an upward review both in trade volume and to increase the current trade volume between 2018 and 2020 by 50% at least. The main objective of establishing the Nigerian-Malaysian trade corridor is to forge partnerships to break new grounds and strengthen existing markets.
According to Aderohunmu, “the just concluded consultation trip to Malaysia on the trade corridor was a huge success. In terms of confidence building with the organized private sector and resolving issues that affect Malaysia-Nigeria trade pattern generally, the team was able to point searchlight to grey areas that constitute impediments that do not allow new business development.”
He further stressed that the consultation meetings were a follow up to the first G20 consultation on trade policies that will eventually pave the way for bilateral agreements between Nigeria and Government of Malaysia. The initial government to government discussions was held in Putrajaya, Malaysia in August 2018.
He disclosed that the NMBC consultation focused essentially on private sector to build business models around Nigeria-Malaysia economic relations and to stimulate growth in trade and investment.
“The trade corridor is a win-win situation for both countries, meetings were held with Ministries, government agencies and leading private sectors. Ministry of International Trade and Investment (MITI), Ministry of Agriculture, Government Agencies Malaysian External Trade Corporations MATRADE, Board of Engineers, Malaysian Agricultural Research and Development Institute (MARDI), theMalaysian Rubber board, Malaysian Palm oil Association MPOA,” the NMBC’s President added.
He said that the issue of how the establishment of Nigeria-Malaysia Trade Corridor will benefit to both countries was also raised, adding,” primarily we must understand the role of commerce in economic development, and the importance of trade and investment in terms of economic growth, wealth and job creation in a country like Nigeria with a large population. The trade corridor will leverage on Malaysia’s strengths and Nigeria’s potentials, It is about creating new environment for game-change to attract Malaysian investments. We had interesting and constructive meeting with Malaysian Ministry of Agriculture on technical co-operation, on appropriate technologies for modern agriculture as it is still the backbone of Nigeria economy.
Aderohunmu said the NMBC also held talks with Malaysian Board of Engineers who are involved in infrastructural development and other sectors of the country’s economy, stressing “with Malaysian Palm oil Association, we talked about appropriate technologies impacting and benefiting not only traditional agricultural companies, but also companies in traditional sectors such as the Nigerian palm oil industries, among others.”