Mr. Wale Edun, who serves as both the Minister of Finance and Coordinating Minister of the Economy, made a strong plea to Canadian business owners to consider investing in Nigeria during his address on July 5, 2024. Speaking to a group of high-ranking business leaders from the Private Sector in Abuja, he assured them that the Investment environment of the country was welcoming and encouraged them to capitalize on the numerous opportunities available in the country.
At a recent meeting, Mr. Edun expressed the importance of enhancing economic relations between Nigeria and Canada, according to a statement by Mr. Mohammed Manga, Director of Press at the Finance Ministry. The Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, reiterated his commitment to fostering a favourable climate for Investors and bolstering Economic Development during the meeting. Mr. Okechukwu Enelamah, the former Minister of Industry, Trade, and Investment, spearheaded the organization of the gathering facilitated by the African Capital Alliance.
Executives from prominent Canadian companies are intrigued.
The event included talks about important changes, chances for investment, and projects to enhance economic collaboration between the pair of nations. The Ministers highlighted Nigeria’s dedication to fostering a welcoming business atmosphere while showcasing the country’s untapped opportunities. Mr. Enelamah expressed his satisfaction with African Capital Alliance’s role in enabling the collaboration, as it falls in line with the organization’s goal of encouraging private sector funding in Africa. Executives from prominent Canadian companies are intrigued by the investment opportunities in Nigeria and are keen on delving into the country’s investment landscape.
Also, the group of representatives consisted of various prominent individuals such as Victor Dodig from CIBC Group, Peter Gilgan from Mattamy Asset Management, Blake Hutcheson from OMERS, Tim Gitzel from Cameco, Stephan Crétier from Garda World Security Corp., Goldy Hyder from Business Council of Canada, Isaac Olowolafe from BKR Capital, and James Christoff, the High Commissioner of Canada to Nigeria. Canada and Nigeria forged diplomatic ties in 1962, just two years following Nigeria’s independence from colonial rule in 1960.
Establishment of a Nigerian High Commission in Canada dates back to 1973.
Canada’s presence in Nigeria is established through its diplomatic missions, with the High Commission based in Abuja replacing the previous location in Lagos that operated from 1962 to 1997. Additionally, there is a Deputy High Commission situated in Lagos, while an Honorary Consul has been appointed in Port Harcourt since 2004. The establishment of a Nigerian High Commission in Canada dates back to 1973, when it first set up in Ottawa to represent Nigeria’s interests in the country.
Furthermore, Canada’s Trade relationship with Nigeria reached new heights in 2022, solidifying Nigeria’s position as Canada’s top trading partner in Africa. The total value of merchandise traded between the two countries amounted to an impressive $2.2 billion. In the year 2022, the value of goods imported from Nigeria to Canada reached $1.7 billion. Mineral fuels, oils, and cocoa make up the majority of Canada’s imported goods. Canada generated a significant economic boost in 2022 by exporting goods worth $512.6 million to Nigeria.
$152.2 million in development assistance was provided by Canada.
Additionally, Canada ships out a variety of goods to other countries such as grains, plant nutrients, and automobiles and machinery. During the fiscal year of 2021 to 2022, Canada provided Nigeria with a total of $152.2 million in development assistance. Canada is dedicated to collaborating with Nigeria in the fight against Extreme Poverty and the promotion of a society that is peaceful, inclusive, and prosperous. Canada’s support for Nigeria’s development plan from 2021 to 2025 is a testament to this commitment.