Trade volume between Nigeria and Norway hits $30 billion

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Speaking at a stakeholders’ meeting to promote the investment opportunities and incentives in Norway for prospective Nigerian investors, Norwegian Ambassador to Nigeria, Jens-Peter Kjemrud revealed trade volume between Nigeria and Norway has reached $30 billion.

Kjemrud said Nigeria is Norway’s biggest trading partner in Africa, but there are still more opportunities to capture. He noted that the Nigerian government can attract investors by giving tax incentives and addressing issues on insecurity.

According to the Ambassador, Norwegian investors are interested in investing in the Nigerian oil and gas industry, including the country’s renewable energy sector. Kjemrud said “as you have heard here today, we have focused a lot on the energy sector. If Nigeria is going to improve in the manufacturing sector, the country needs to have stable and cheap power supply. If not, the manufacturing sector will not be competitive in the current market”

He added that “we are one of the biggest players in the global maritime activity and we have told our Nigerian partners that technology is the future and Nigeria has to be prepared for it. There is technology here which is being utilised but there is the need to take it to the entire sector and for the government to support it”.

The National Bureau of Statistics (NBS) revealed that the total foreign trade in the second quarter of 2018 was 6.56 trillion Naira, down from 7.21 trillion Naira recorded in the first quarter.

NBS also noted that total trade exports in the second quarter of 2018 was 4.46 trillion Naira, compared to 4.69 trillion Naira for the first quarter of 2018. The figures released by NBS show Nigeria’s total exports decreased by 16.34 percent on a quarter-on-quarter basis.

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