BAKU, Azerbaijan, June 9. Necessary steps will be taken to develop economic and trade ties between Iran and Nigeria, Iranian Minister of Industry, Mine and Trade Reza Fatemi Amin said, Trend reports referring to the ministry.
He made the remark during the 6th meeting of the Iran-Nigeria Joint Cooperation Commission in Tehran on June 8.
According to Fatemi Amin, although the two countries have close cooperation in a number of areas, including culture, politics and so on, trade and economic ties are not on the desired level.
The minister also added that the value of Nigeria's annual foreign trade turnover is more than $100 billion, while Iran's - about $120 billion.
“Whereas, the trade turnover between the two countries for the last Iranian year (March 21, 2021 through March 20, 2022) amounted to $125 million only,” he said.
Fatemi Amin noted that the two countries are members of a number of international organizations, including the Organization of Islamic Cooperation (IOC), the Islamic Development Bank and etc. This creates various opportunities for further development of trade cooperation.
"The two countries have enough production and economic potential and can complement each other from an economic point of view. In this regard, the potential of the two countries should be recognized as soon as possible, and a roadmap for cooperation between the two countries should be prepared in the next three months," he said.
The minister stressed that over the next month, several more goods will be added to the trade turnover of the two countries.
As a first step, mutual visits of businessmen to develop trade and economic cooperation between Iran and Nigeria will be simplified, Fatemi Amin said.
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