Ukrainian Government launches important initiative to improve trading relationships with Nigeria

23 May, 2018

The Ukrainian Government recently announced that it wishes to improve trading relationships and to expand economic cooperation with Nigeria. A comprehensive mission has been launchedto promote bilateral trade, while also engaging with entrepreneurs from Ukraine interested in intensifying their investment interests in Nigeria.

An official trade delegation hasrolled out this new initiative in Lagos within the frames of the First Ukrainian Trade Mission in Nigeria. The Nigeria-Ukrainian Business Forum in Lagos, and the Nigeria-Ukrainian Trade and Investment Integration Forum in Abuja will be used this April to discuss the system of export-import relations, trade barriers and legislative features. The trade mission is in partnership with the Abuja Chamber of Commerce and Industry (ACCI) as well as the Office for Trade Negotiations, Nigerian Association of Chambers of Commerce, Industry and Agriculture (NACCIMA).

The expectation from these initiatives is that major opportunities will open up for the intensification of trade beteween the two countries and that the 2017 trade turnover of $95.6 million could be substantially increased from this year forward.

The Ukranian products most sought in Nigeria are the products of light industry, paper, furniture, electrical equipment and confectionery. Existing Nigerian exports to Ukraine include seeds and fruits of oilseeds, cocoa and derived products, along with tea and coffee.

Apart from trading interests, Ukraine is also one of the major countries hosting many Nigerian students abroad. Thus, in the long term,expandingtrade relationships could generate valuable benefits to both sides.

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