Nigeria, Philippines volume of trade hits $28m

Nigerian Ambassador to the Philippines, Mr Akinyemi Farounbi, has revealed that the volume of trade between both countries stood at $28 million (N5.5 billion) in 2014.
Farounbi said on Monday in Lagos, that the figure was an increase compared to the $66,000 dollars recorded in 2011.
“In 2011, the volume of trade between Nigeria and Philippines was $66,000.
“The last figures we got from DTI (Department of Trade and Investment) February this year is $28 million (N5.5 billion).
“So in the last two years, we have been able to move the volume of trade from $66,000 to $28 million.
“In concrete terms, you are aware that two of the 11 power distribution companies in Nigeria, two of these are being serviced by MERALCO.
“MERALCO is a Filipino Company that provides this electricity we have here. They are the ones servicing Yola District and Ibadan District. That is in terms of investments.
“Today, there are two Filipino companies. They are called multi-liver company in Nigeria. They are making about 60 per cent of their total earnings.
“One is Edmark, the other is Alliance in Motion. Alliance in Motion got to Nigeria about two years ago and they tell me that of the 12 countries they are in, Nigeria is where they are making the highest income.’’
According to him, the National Shipping Development Programme of the Nigerian Maritime Administration and Safety Agency (NIMASA), has strengthened the bilateral relations between the two countries.
“A convenient bridge for us has been the NIMASA’s programme. That led us to CHED. CHED is the Commission of Higher Education. You probably aware they have over 1, 500 universities here.
“So, we have to maintain a continuous relationship with CHED, because of NIMASA’s programme and that led us to being able to attract four universities to Nigeria.
“There is also the fact that we have to discuss NIMASA’s programme almost regularly with the Department of Foreign Affairs.
“It has made Nigeria to become the focal point of foreign policy in Africa from the point of view of Philippines.
“ Before, it was South Africa. Today, talk to anybody in the Department of Foreign Affairs, they will tell you that it is Nigeria that is their focal point.’’
Farounbi stated that Nigeria was likely to partner with the Philippines in the production of cement and fruit processing as well as assist it in the construction of buildings.