Nigeria and Brazil have signed cooperation agreements in the areas of trade, industry, skills and finance development in order to deepen existing bilateral economic relations between the two countries.
Nigeria’s Industry, Trade and Investment Minister Olusegun Aganga and visiting Brazil Deputy Minister of Development, Industry and Foreign Trade Richardo Schaefer signed the Memorandum of Understanding (MoU) for the pacts in the Nigerian capital, Abuja.
Mr. Aganga said the agreements would make it possible for various agencies responsible for skills development, industry and development finance in both countries to work together to deliver better services for the citizens of their respective countries.
“The aim of the MOU is to strengthen the economic cooperation between the two countries at the bilateral and multilateral level; increase and promote the bilateral trade of strategic items of mutual interest, and support cooperation between institutions of both countries responsible for the promotion of trade and investment and official financing, such as Banco Nacional do Desenvolimento Economico e Social (BNDES) and the Bank of Industry,” he said.
Mr. Schaefer, who led a 19-man Brazilian delegation to Nigeria, said the MOU would provide a framework for both countries to significantly explore and increase the trade and investment opportunities in their respective countries.
“We have signed an MOU today (Tuesday) to deepen the trade and investment cooperation between Nigeria and Brazil. We need to deepen our cooperation in several sectors of the economy.
”Our governments, through this agreement, will evaluate, step by step, the different projects that are mutually beneficial to both countries,” he said, calling the MOU an important tool to foster more trade and investment cooperation.