Nigeria and Mexico Trade Volume Hits $600 Million [2016]

According to the Mexican Embassy, Deputy Head of Mission, Rodrigo Tenorio, the trade volume between Nigeria and Mexico has grown by 360% from 166.5 million dollars in 2012 to 600 million dollars in 2016.

Nigeria and Mexico

Rodrigo Tenorio spoke on the sideline of a round-table for working business discussion on trade mission to Mexico organised by the Nigerian-Mexican Chamber of Commerce and Industry and Mexican Embassy.

In his words:

“Though the figure may be small but in reality it is a huge transaction that we have in the last 15 years, which was then 45 million dollars.

What that means is that it has grown more than 500 times in 15 years and our aim and goal is to ensure it grows more.

There are some similarity between Nigeria and Mexico, we are predominantly [the] largest and young population and we can be referred to as the power house of our region just as Nigeria in Africa.”

According to him, Mexico sees Nigeria as a natural spring board to stand for the entire Africa and main goal is to make sure that Nigeria is known as number one economy in Africa.

On the major challenge in the relationship between the two countries; he stated:

“We do not know each other, Mexico is known for drugs while Nigeria is known for Boko Haram and other social vices.

“But there is much more than that, what is most important in building the relationship is to know each other better.

“Once we know that Mexico is more than drug cartel and baron, Nigeria is much more than a small group in the north causing trouble.”

According to him, if we know ourselves better the business people could sit down and start discussing potential businesses for the future.

Call for Entries: 2017 PositiveNaija Annual Essay Competition

2017 POSITIVENAIJA ANNUAL ESSAY COMPETITION

The PositiveNaija Annual Essay Competition aims to encourage Nigerian patriotism, nation building as well as a platform for excellence!

Title of Essay: HOW GREAT IS NIGERIA!

Objective: Inform the world through your essay, what genuinely makes Nigeria a great country today, which every Nigerian and Non-Nigerians should be proud of.

Eligibility

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  • Open to all nationalities
  • PositiveNaija Team and the Advisory Judges are not eligible

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Nigeria Records Positive Trade Balance in Q1 2017

According to the National Bureau of Statistics (NBS), Nigeria’s total trade in the first quarter of 2017 stood at 5.30 trillion Naira with a trade balance of 719.38 billion Naira.

The nation’s exports in the period under review stood at 3.01 trillion Naira compared to imports of 2.29 trillion Naira.

The NBS stated that imports fell by 0.9 per cent, adding that the country recorded an increase of 6.5 per cent in external trade
According to the NBS, the value of the total trade at the end of 2016 was 17. 35 billion Naira, stressing that the figure was 6.5 per cent higher than the value recorded in 2015.
The report, however, stated that Nigeria’s external trade in the fourth quarter of 2016 was valued at 5.28 billion Naira.

“The export component stood at 2.98 billion Naira while the import component stood at 2.31 billion Naira leading to a trade surplus of 671 billion Naira.
“Trade by sector showed that crude oil exports had the largest share of the total trade, accounting for 2.43 billion Naira or 45.9 per cent trade in fourth quarter.
“The second major contributor to total trade by sector was manufactured goods with 1.17 billion Naira or 22.1 per cent of total trade.’’