Nigeria’s foreign minister arrives in Iran with high-ranking delegation
A high-ranking delegation from Nigeria, headed by the country’s Foreign Minister Zubairu Dada, has arrives in Iran to participate in the sixth Iran-Nigeria Joint Economic Committee.
Senior officials of the two countries are scheduled to sign numerous economic and trade agreements.
During the visit, the Nigerian trade delegation will attend several meetings hosted by the Iranian Trade Promotion Organization (TPO) to discuss areas of common interest for increasing trade exchanges with Iranian businessmen, the TPO portal reported.
With a population of more than 220 million, Nigeria is the most populous country in Africa. The country’s gross domestic product exceeded $430 billion in 2021, making it Africa's largest economy.
Nigeria is Iran's third-largest trading partner in Africa, however, considering the friendly relations between Tehran and Abuja and the two countries' great potential the level of bilateral trade is not favorable.
According to Iranian Industry, Mining and Trade Ministry data, the value of trade between the two countries increased from $5 million in 2019 to $18 million in 2020 and to more than $130 million in 2021.
Despite a 26-fold increase, the level of trade between Tehran and Abuja is still unsatisfactory and could be much higher.
Transportation is one of the most important obstacles to Iran's trade with African countries, and to this end, the Islamic Republic of Iran has already begun talks with Nigeria to resolve this issue and the two sides hope that the first Tehran-Abuja flight will be established in the next few months. Both sides are also considering establishing a shipping line between the two countries.