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Brazilian businessmen have signalled their intentions to invest in the country. A representative of the Brazillian Trade and Export Agency, Diogo Akitaya stated this recently in Lagos. Mr Akitaya also compared the similarities between both countries in terms of population and being exporters of crude oil. Mr Akitaya also noted that trade ties between both countries was once deeper tha n they currently are, and expressed the desire to organize a trade expo.
What this means
The move by the Brazilians to invest in the country could lead to the creation of more jobs. Nigeria’s economy slipped into recession last year for the first time in almost 30 years due to a drop in crude oil prices and production volumes. Nigerian companies will also earn dollar income if they are able to export goods and services to Brazil. Several Brazilian companies have been operating in the country including Andrade Gutierrez which has set up a joint venture with the Dangote Group to go into road construction using cement.
The Brazilian Trade and Investment Promotion work to promote Brazilian trade and investment abroad as well as investment in strategic sectors of the Brazilian economy. Brazil is the largest country in South America and the world’s fifth largest in terms of population size and area. The country is renowned for soccer and has been the world’s largest coffee exporter for the past ten years.