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Nigeria, Benin to stem effects of economic meltdown

Nigeria and Benin Republic Tuesday charged the bi-nation al commission to seek palliative measures to ameliorate the effects of the globa l economic meltdown on the trade and other commercial activities between both cou n tries.

This was decided during the one-day visit of President Boni Yayi of Benin to Nig eria, where he held a bilateral meeting with President Umaru Yar’Adua.

Yar’Adua told journalists at the Presidential Villa here the meeting with Yayi c entred on the bi-national interests, especially the effects of the global econom i c crisis on both countries.

According to him, “We discussed the issues of bi-national interests, particularl y the effect of the global financial crisis on the two countries. And we have di r ected that the bi-national commission between Nigeria and Benin be convened to e x amine the effect and recommend methods for the two countries to mitigate this ef f ect.”

Also speaking, Yayi noted that he came to greet Yar’Adua and brief him on the dw indling trade between both countries.

The Benin President cited the reduction in the volume of trade between both nati ons as a result of the financial crisis, adding that all the problems would be c r itically looked into by the bi-national commission “to mitigate the bad conseque n ces of this crisis in our countries.

“Formerly, if somebody wants to import anything in Nigeria, they go to Benin and import from Benin ports. But now, because of the financial crisis, the reverse i s the case.”

This, Yayi said, had drastically affected the financial fortunes of his country.

According to him, “Nigeria and Benin share common tradition and custom and we ar e happy for the relationship.”

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