Bangladesh’s High Commissioner to Nigeria, Masudur Rahman, has highlighted the remarkable progress in trade relations between Bangladesh and Nigeria, noting that their bilateral trade volume has exceeded $100 million.
This significant milestone marks a doubling of trade value, which was previously at $50 million.
Speaking at an event in Abuja to commemorate Bangladesh’s 54th Independence and National Day on Wednesday, Rahman emphasized the growing enthusiasm among businesses and entrepreneurs in both nations to form robust, mutually beneficial partnerships.
The High Commissioner lauded thriving collaborations across key sectors, including ICT, agriculture, knitwear, government-to-state commerce, and defense and diplomatic training through academic exchange programs.
“Bangladesh has deep roots in Africa, especially in Nigeria. Our people share common aspirations,” Rahman affirmed.
Exploring opportunities in the blue economy
Additionally, he revealed plans to expand economic cooperation by exploring opportunities in the blue economy, a move aimed at fostering deeper economic ties between the two countries.
Rahman also reflected on the shared values of both nations, emphasizing their mutual vision for inclusive and equitable societies. He stressed the importance of harnessing demographic diversity, bridging the digital divide, and promoting sustainable growth for the benefit of future generations.
Reaffirming Bangladesh’s commitment to stronger ties with Nigeria, Rahman said that both nations should work together toward achieving these shared goals.
Representing Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, Ambassador Wahab Akande, the Chief of Protocol, congratulated Bangladesh on its independence anniversary.
Akande acknowledged the longstanding friendship between the two nations since establishing diplomatic relations in 1976 and praised their collaborative efforts in enhancing trade and economic cooperation. He expressed optimism about further strengthening bilateral engagements in the future.
What you should know
- In 2023, Bangladesh exported $9.77 million worth of products to Nigeria, according to the Observatory of Economic Complexity.
- The main products that Bangladesh exported to Nigeria were Raw Tobacco ($4.28M), Packing Bags ($1.75M), and Raw Plastic Sheeting ($1.39M).
- Over five years (2018 – 2023), the exports of Bangladesh to Nigeria increased at an annualized rate of 29.1%, from $2.72M in 2018 to $9.77M in 2023.
Conversely, in 2023, Nigeria exported $56.8M to Bangladesh. The main products that Nigeria exported to Bangladesh were Petroleum Gas ($48.9M), Raw Cotton ($6.12M), and Soybeans ($902k).
Over a five-year period, the exports of Nigeria to Bangladesh increased at an annualized rate of 127%, from $935k in 2018 to $56.8M in 2023.
Bangladesh ranked 113 in the Economic Complexity Index (ECI -1.03), and 55 in total exports ($54.5B) in 2023. That same year, Nigeria ranked 129 in the Economic Complexity Index (ECI -1.75), and 52 in total exports ($61B).
